2. The Run Down
For businesses and individuals in Jamaica, the
2012 to 2013 fiscal year has been a very active
one in terms of taxes.
We observed an increase in some taxes, a
decrease in others and a few new taxes were
introduced. With this in mind, it is extremely
important for us to keep tabs on these tax
changes.
3. Knowing the taxes and the changes made to
them definitely helps businesses and
individuals in Jamaica make financial decisions.
In February of this year, a $15.9 billion tax
package was introduced by the Finance
Minister, Dr Peter Phillips. This will affect the
governments budget and our pockets.
The Run Down (con't)
4. Items that now attract GCT...
Flavoured milk, milk based products, condensed
milk & milk substitute, corn beef (canned). Pickled
mackerel, herring, shad, dried salt fish, buns,
crackers (except water crackers), biscuits (salted &
unsalted). Eggs, all patties, rolled Oats. Live birds,
fish, etc. Syrup, Pet food, Planting materials
including cereals & seeds in their natural state,
dormant flower bulbs, corns, roots & tubers &
nursery stock, vegetable plants & live trees.
Surgical gloves, including disposable, sterile &
those made of latex rubber. Printed matter, articles
& materials
6. Funding for 2013-2014 Budget
Source Amount
Tax $360.6 billion
Non-tax/Bauxite Levy $36.1 billion
Loans $103.3 billion
Surplus from Entities $10.4 billion
Capital $41.1 billion
Grants $9.4 billion
Total $520.9 billion
7. Tax Changes in Review
● Motor Vehicle related taxes (such as
registration, fitness, licensing) have seen
three tax increases in the period
● Education Tax increased from 2- 2.25% for
employees and 3-3.5% for employers.
● Property Tax was increased to raise $3.4
billion dollars in the 2013/2014 financial year
(effective April 1, 2013)
8. ● Company Asset tax was increased
● Importation/wharfage Taxes saw increases
in March 2013
● Company Registration and Incorporation and
all other business creation related taxes
have all had increases.
Tax Changes (con't)
9. ● Industry Specific Taxes have also been
increased for Telecommunication and
Hoteliers.
● Company Incomes taxes fell from 33 and a
third to 25 %
● Special Telephone Call Tax added to all cell
phone calls
● G.C.T fell from 17.5 % to 16.5% and added
to more items
Tax Changes (con't)
10. See the infographic to this information:
headofficeapp.com/tax-changes-jamaica-infographic/