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Jamaica

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About

Jamaica

Capital
Official languages
Population 
Currency

ISO 4217

Kingston

English

2.9 million

Jamaican Dollar

JMD

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Economy

"Jamaica has seen a steady improvement in its economy over the past few years. According to the World Bank, the country's GDP grew by 1.7% in 2019, and is projected to grow by 2.2% in 2020. The country's unemployment rate has also decreased from 13.2% in 2017 to 11.2% in 2019. Inflation has also been kept in check, with the average inflation rate in 2019 being 4.2%.

The country has also seen an increase in foreign direct investment (FDI). In 2019, FDI inflows to Jamaica totaled $1.2 billion, a 5.3% increase from 2018. This has helped to boost the country's economic growth and create jobs.

Overall, Jamaica's economy has been on an upward trajectory in recent years, and the country is well-positioned to continue to grow in the future."

Taxation

In Jamaica, both corporations and individuals are subject to income tax, value-added tax (VAT), and various other taxes and duties. Here is an overview of the tax system in Jamaica:


Corporate taxation:

- Corporate income tax is levied on the profits of companies at a standard rate of 25%, with certain exceptions for specific industries.

- Dividend payments made by Jamaican companies to shareholders are generally exempt from tax.

- Other taxes and duties that companies may be subject to include social security contributions, property tax, and customs duty.


Personal taxation:

- Individuals in Jamaica are subject to personal income tax on their worldwide income at progressive rates ranging from 0% to 25%, depending on their income level.

- Social security contributions are also deducted from employees' gross salaries under the National Insurance Scheme (NIS).

- Other taxes that individuals may be subject to include capital gains tax, property tax, and estate tax.


Tax payment process and calendar:

- Jamaican taxpayers are required to file their tax returns annually by March 15th of the year following the tax year.

- The tax year in Jamaica is from January 1st to December 31st of the same year.

- Companies are required to pay corporate income tax in quarterly instalments throughout the year, with the first instalment due by the end of the third month of the tax year, the second instalment due by the end of the sixth month, the third instalment due by the end of the ninth month, and the final instalment due by the end of the twelfth month.

- Individuals may be required to pay provisional tax if their tax liability for the year exceeds a certain amount. Provisional tax payments are made in two instalments throughout the year, with the first instalment due by June 15th and the second instalment due by September 15th.

- Late tax payments are subject to penalties and interest charges.

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