Choosing to have a company in Jamaica is a great decision that will benefit your business in many ways. One of the biggest advantages is that it will allow you to have a tax deduction for the company’s profits. However, there are also many tax laws that you need to be aware of. These include whether you are a sole trader, whether or not you can deduct your dividends, and whether or not you need to file taxes.

Filing taxes

Whether you are an entrepreneur, an employee or a contractor, you need to know how to file taxes in Jamaica. The best way to do this is to hire an expert tax consultant who can help you in navigating the complex rules of taxation.

There are a number of tax deductions, you can take advantage of. The income of approved superannuation funds, and the income of charitable organizations are not taxable. There is also stamp duty on the transfer of shares and real property in Jamaica.

The Government of Jamaica has also introduced a new penalty for income tax returns that are filed late. The penalty will apply to 2014 tax returns due by 15 March 2015 and will be capped at JMD 1 million. The On-time Filing Program will be launched in phases to increase the number of taxpayers who file their taxes on time.