Blog - Accountant Jamaica

What is Accounting?

Generally speaking, accounting is a process used to measure and record non-financial information about a company. It is also known as accountancy, account processing, and measurement. Financial accounting Basically, financial accounting is the process of recording and summarizing business transactions. These statements provide information to external parties such as investors, creditors, tax authorities, and other stakeholders. It also aims to accurately represent the firm's performance. The main objective of financial accounting is to create statements that show the company's financial health and profitability. Financial statements are usually circulated on a scheduled basis. These reports are used by shareholders, managers, brokers,…

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…

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…

Registering a Business at the Companies Office of Jamaica

Business

Getting your business registered at the Companies Office of Jamaica is a major step in the process of getting your business started. You will need to fill out the appropriate forms, pay the fees, and file an application for your business to be registered. There are a few different forms you can fill out and apply for, and they vary in what they require. The form that is best for you will depend on the type of business you are starting. Legal structure of a commercial enterprise Choosing the right legal structure is very important if you are planning to…