Jamaica Income Tax – Things You Need to Know

Jamaica Income Tax – Things You Need to Know

Taxation
Whether you're just beginning to consider investing in Jamaica, or if you've already made the move, there are a few things you'll want to know about the Jamaica income tax system. From the tax rate to the residency requirements, you'll want to make sure you're informed so you can maximize your investments and avoid costly penalties. Corporate income tax Developing countries have become embroiled in a race to lower their national corporate income tax (CIT) rates. The global average CIT has dropped from 46.5% in 1980 to 25.4% in 2021. Traditionally, foreign direct investment has been attracted to countries with…
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How to Pay Your Jamaica Property Tax

How to Pay Your Jamaica Property Tax

Taxation
Depending on the location of your property, you may be required to pay a property tax. There are a number of things to consider when it comes to paying your tax, and this article will help you understand the different tax categories and penalties you may face if you don't pay your taxes on time. Interest on property tax due Having trouble paying your property tax? You can opt to enter into an installment arrangement. Or, you can simply make the payment on time. Regardless of your choice, the following tips will help you stay on top of your taxes…
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NHT Contributions Are Tax Deductible

NHT Contributions Are Tax Deductible

Taxation
Whether you are a citizen or resident of Jamaica, you will be pleased to know that your National Health Insurance (NHT) contributions are tax deductible. As a matter of fact, you can even receive a refund of the contribution made by your employer within eight years of making it. Employers contribute 5% of their total wage bill Getting a refund of your NHT contributions isn't as complicated as you might think. In fact, getting a refund is as easy as sending the correct information to the appropriate government department. Likewise, you don't need to have a business license to get…
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Taxes and Benefits For Jamaica Sole Traders

Taxes and Benefits For Jamaica Sole Traders

Corporate Tax, Taxation
Whether you're considering doing business in Jamaica or you already do, it's important to be aware of the different tax benefits that you can receive from doing so. The main ones include: Tax-free business income, tax-free business property, and tax-deductible NHT contributions. Accounting consultants provide essential service to businesses Using a professional accountant or tax consultant can be a wise move. Aside from the obvious tax returns, a professional can help you navigate the pitfalls of starting up a business. Having an accounting professional on your side can be the difference between success and failure. They can also help you…
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