Global

Details

  • Service: Tax, International Executive Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 6/12/2014

Jamaica - Payment of minimum business tax due 15 June 

June 12:  The first payment of Jamaica’s new minimum business tax is due 15 June 2014.

The minimum business tax:


  • Is remitted using a payment advance at any Tax Office or Revenue Service Center
  • Can be made by credit card, but not electronically
  • Does not replace estimated income tax payments, but is in addition to estimated income tax

Taxpayers will be allowed an offset of the minimum business tax against income tax. Individuals will be allowed an offset against their current and future income tax liability by the amount of the minimum business tax, but corporate taxpayers can only offset their current year’s income tax liability by the amount of the minimum business tax.


Read a June 2014 release from the Jamaica tax administration concerning the minimum business tax.




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