Jamaica: Tax measures in 2024-2025 budget
Proposed tax changes included in budget
March 14, 2024
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:
- Increasing the annual general individual (personal) income tax threshold
- Increasing the pension exemption and age relief exemption
- Increasing the de minimis value of imported goods and an increase in the passenger duty-free threshold
- Standardizing Jamaica's general consumption tax treatment on raw foodstuff
- Increasing the maximum participating voting share capital for Junior Stock Exchange to J$750 million
- A 25% corporate income tax rate for independent power producers producing 75% or more from renewable sources
- A 25% tax rate for companies providing trust and corporate services
- Removing the general consumption tax on armoured cash courier vehicles
- A reverse tax credit for individuals
Read a March 2024 report [PDF 2.5 MB] prepared by the KPMG member firm in Jamaica