Jamaica: Tax measures in 2023-2024 budget
Focused on consolidating and enhancing existing enforcement measures
Focused on consolidating and enhancing existing enforcement measures
The 2023-2024 budget—presented 7 March 2023—did not include any “new taxes,” but was focused on consolidating and enhancing existing enforcement measures and improving the Revenue Administration Information System (RAiS) to facilitate better taxpayer communication and more efficient taxpayer compliance through e-filing.
In particular, the budget included the following proposed tax-related measures:
- Income tax credit equivalent to 30% of the purchase cost of a residential solar photovoltaic system (solar PV system), up to a maximum of J$4,000,000 would be available to employed and self-employed taxpayers—effective for year of assessment 2023
- Registered car dealers making a second sale of motor vehicles (i.e., not the sale of imported new or used motor vehicles) would charge a general consumption tax (GCT) rate of 15% of the dealer dollar margin (and not of the sale price), but not less than the flat fee of J$12,000 or J$18,000, which is paid in lieu of GCT by individual owners, who are not car dealers, when selling their motor vehicles—effective the first quarter of 2023 (April – June).
In addition, it is expected that amendments to the legislation that provides various tax incentives to potential large-scale investors will be considered in April 2023.
Read a March 2023 report [PDF 942 KB] prepared by the KPMG member firm in Jamaica
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