Corporate - Significant developments

Last reviewed - 01 January 2020

General consumption tax (GCT)

With effect from 1 April 2019, the annual turnover GCT registration threshold was increased from 3 million Jamaican dollars (JMD) to JMD 10 million.

Transfer tax

With effect from 1 April 2019, the rate of transfer tax was reduced from 5% to 2%, while the threshold for the imposition of transfer tax on estates was increased to JMD 10 million.

Stamp duty

With effect from 1 April 2019, ad valorem rates of stamp duty were abolished and replaced with a fixed duty amount applied to each stampable instrument.

Minimum business tax (MBT)

With effect from 1 April 2019, the MBT was abolished.

Asset tax

With effect from the year of assessment 2019, asset tax imposed on other entities (i.e. non-financial institutions) was abolished.