Blog - Page 2 of 13 - Accountant Jamaica

NHT Contributions Are Tax Deductible

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…

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…

Accounting and Tax in Jamaica

Accounting, Bookkeeping, Taxation

Whether you are a Sole trader, a small business owner or an individual, accounting, and tax in Jamaica are something you should know about. The first thing you need to know is that there are specific accounting and tax rules that apply to every individual and business. Luckily, there is a very simple way to find out what these rules are and how you can meet them. Bookkeeping Whether you're a newbie or a seasoned entrepreneur, you're required to file taxes. If you don't, you could be tasked with paying for government penalties. The good news is that there are…

The Basics of Taxation in Jamaica

Taxation

Whether you are a new or seasoned business owner, there are some things you must know about taxation in Jamaica. There are four major taxes that businesses must pay, and they are the Income tax, Sales tax, Deed tax, and Resources tax. There are also several forms of taxation, such as tax credits, which are given to business owners to reduce the amount of tax they have to pay. Sales tax Fortunately for us Jamaicans, our sales tax rate is lower than most of the US. As a result, it is a lot easier to maintain a tight grip on…