General consumption tax (GCT)
With effect from 1 April 2020, the standard rate of GCT applicable to the annual turnover threshold was reduced from 16.5% to 15%.
It was proposed in the 2020/21 Budget to reduce the rate of asset tax applicable to specified financial institutions from 0.25% to 0.125%, commencing in the year of assessment 2021. Subsequent to this announcement, this measure was deferred until further notice in light of the COVID pandemic.
Income tax credit for companies
It is proposed to introduce a non-refundable income tax credit equal to JMD 375,000 for both regulated and unregulated micro, small and medium-sized companies with annual revenue which does not exceed JMD 500 million.