Jamaica

Increase in annual personal income tax-free threshold

The government is proposing to increase the personal income tax threshold available to Jamaican tax-resident individual taxpayers from JMD 1,500,096 per annum to JMD 1,700,088 with effect from 1 April 2024.

Increase in annual pension income exemption and age allowance

The Income Tax Act currently provides an exemption from income tax in respect of JMD 80,000 of pension income for pensioners aged fifty-five years and over. Individuals sixty-five years and older are entitled to a further exemption (generally referred to as age relief) in respect of JMD 80,000 of income from any source.

The government has announced its intention to increase each of these amounts to JMD 250,000 per annum with effect from 1 April, 2024.

Increase in duty-free inbound passenger allowance 

It is proposed that with effect from 1 April 2024, the duty-free inbound passenger allowance for personal/household effects be increased from USD 500 to USD 1,000.

Reverse income tax credit for individual taxpayers  

The government has announced the implementation of a reverse income tax credit amounting to JMD 20,000, applicable to Jamaican individual taxpayers (whether employed or self employed) who earn less than JMD 3 million annually and meet the annual income tax filing/payment requirements. Tax Administration Jamaica is to establish a system to faciliate the application, processing and payment of this reverse credit programme which is slated to become operational during the current fiscal year.