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Jamaica: Tax measures in 2020-2021 budget

Jamaica: Tax measures in 2020-2021 budget

The Minister of Finance and the Public Service on 10 March 2020 tabled the proposed revenue measures for the fiscal year 2020-2021.


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The proposed tax measures include the following:  

  • Effective 1 April 2020, the standard general consumption tax rate is to be reduced from 16.5% to 15%. 
  • Effective as of year of assessment 2020, companies with revenues of up to J$500 million will be entitled to a special income tax credit of J$375,000. 
  • Effective for the year of assessment 2021, the rate of assets tax payable by financial institutions will be reduced from 0.250% to 0.125%.    

Read a March 2020 report prepared by the KPMG member firm in Jamaica

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