• Service: Tax, Global Indirect Tax, International Tax
  • Type: Regulatory update
  • Date: 5/2/2014

Jamaica - Withholding tax on insurance premiums 

May 2: The Minister of Finance, in his budget closing speech earlier this week, announced the withdrawal of certain proposed tax measures affecting insurance companies.

Accordingly, it appears that re-insurance premiums paid by registered Jamaica insurance companies to non-resident insurance companies are exempt from withholding tax.

Still, there may be a variety of insurance premiums that could be subject to the new 15% withholding tax on insurance premiums (unless otherwise subject to withholding tax relief under applicable income tax treaty provisions).

Other provisions in the budget closing speech concern:

  • Disallowance of input credit for imported services
  • Modified assets tax rate for insurance companies

Read a May 2014 report [PDF 209 KB] prepared by the KPMG member firm in Jamaica: Post Budget Tax Bulletin 2014/15 Part II

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