Global

Details

  • Service: Tax, International Corporate Tax, Global Indirect Tax, International Executive Services, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 5/31/2012

Jamaica - Tax provisions in 2012/13 Budget 

May 31:   The Minister of Finance and the Public Service on 25 May 2012 presented to Parliament proposals to open the 2012/13 Budget debate. Among the tax proposals are measures providing for:
  • A new per-minute telecom termination tax on both domestic and international calls terminating on Jamaican mobile and fixed-line networks
  • A transitional arrangement with respect to corporate income tax, with unregulated entities to pay a corporate income tax rate of 25% and with no change to the corporate income tax rate for regulated entities
  • Financial institutions to pay an assets tax at a rate of 0.2% computed on the value of gross assets minus loan-loss provisions
  • A decrease in the goods and services tax (GST) rate from 17.5% to 16.5%, with certain previously GST-exempt items now becoming taxable

To read a May 2012 report on the tax provisions in the 2012/13 Budget, prepared by the KPMG member firm in Jamaica: TaxNewsFlash: Post-Budget Tax Bulletin (May 2012) (PDF 374 KB)




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