Category: Taxation

A Business Start-up is a new business that is run by an entrepreneur with the aim of developing a viable business model and validating it. A Business Start-up has a number of distinct characteristics that must be considered before embarking on this venture. This article covers these characteristics and the forms that need to be completed when launching a business. Lessons learned from starting a business There are many lessons to be learned when starting a business, and the biggest one is to not wait until your product or service is perfect. If you do, you will be setting yourself…

The goal of a business plan is to present all the key points of a new business to potential investors. The plan should also provide additional materials to potential investors, such as a resume of key employees or sample marketing materials. It is also beneficial to include past sales and financial performance. Having a successful business is every entrepreneur's dream. Financial statements In order to understand a business's financial health, you need to have a clear understanding of the various financial statements. The first set is called the balance sheet, which shows a company's assets and liabilities as of a…

If you are a Jamaican resident, the first step in calculating your statutory deductions is to visit the nearest Tax Office. The calculator below will give you a rough idea of your take-home pay, as well as any other statutory deductions you might be entitled to. However, please note that the calculator is not intended to replace the Income Tax Act or any other relevant legislation. Pay-As-You-Earn (PAYE) Income Tax The Pay-As-You-Ear (PAYE) system for income tax in Jamaica is a way for income earners and consumers to work with more predictability, while also helping the Government. This tax arrangement…

The Government of Jamaica is trying to make tax collection more equitable and transparent. As part of the efforts to do so, the Tax Administration Jamaica has implemented several measures, including a new independent Objections Unit. The tax administration in Jamaica has been able to make progress in this area and is looking forward to making the process more transparent. Exclusions and exemptions for paying income tax There are several exemptions and inclusions when it comes to paying income tax in Jamaica. First, resident self-employed individuals are exempt from income tax for the first J$441,168 of taxable income. Nonresidents, however,…