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Jamaica: Tax developments in response to COVID-19

General Information

This page offers an overview of tax developments being reported globally by KPMG member firms in response to the Novel Coronavirus (COVID-19).

The content will be updated on a regular basis. However, due to the fast-moving pace of change, it may not always reflect the most current developments in a given jurisdiction. Please refer to the date of accuracy and refer to the relevant links, under additional information, for original source information.

Date accurate as of: 7 April 2020

The government of Jamaica has acted swiftly with implementing a myriad of stabilization measures to protect its people and business interests. In his address to the country during the 2020-2021 budgetary debate, Minister of Finance, Dr Nigel Clarke revealed that Jamaica’s 2020-2021 budget was planned to include providing a historical $25 billion stimulus.

The plan includes:

  • A reduction in General Consumption Tax (GCT) from 16.5% to 15%. This puts $14 billion back into the economy to stimulate consumer spending.
  • A $1 billion MSME tax credit providing critical cash-flow support to MSMEs
  • A reduction in regulatory fees for coconut, coffee, cocoa and spice farmers incentivizing greater production.