Proposed tax changes included in budget
The 2024-2025 budget—presented 12 March 2024—did not include any “new taxes.”
However, the government of Jamaica did commit to introducing a qualified domestic minimum top-up tax (QDMTT) in line with the Pillar Two global minimum tax rules. The domestic legislation is not yet in place, and it is expected that these changes will be seen in financial year 2024/2025. These measures would only apply to Jamaican taxpayers with a tax rate below 15%, such as companies operating in a special economic zone which have a corporate income tax rate of 12.5%.
Other tax-related proposals include:
Read a March 2024 report [PDF 2.5 MB] prepared by the KPMG member firm in Jamaica