Jamaica News

Click here to download PwC (PriceWaterhouseCoopers) Jamaica’s preliminary analysis of the 2011/12 Budget Presentation which was made in Parliament on 28 April 2011 by the Honourable Audley Shaw, Minister of Finance and the Public Service. The theme of the analysis: From stablisation to growth? Jamaica: 2011/12 Budget.

With regard to PwC Jamaica’s preliminary analysis, it is important to note that some of the details in support of the various announcements are not yet available, and thus PwC Jamaica may still need to clarify and elaborate further on these measures in due course. Furthermore the contents of this analysis is based on information that was available at the time of writing, and whereas they have made all efforts to ensure its accuracy, it is possible that some of the details may be different from what is available at this time.

PwC Jamaica will be hosting a Post-Budget Briefing in conjunction with the Jamaica Chamber of Commerce (JCC) on 13 May 2011. At this briefing, they will examine the 2011/12 Budget in further detail, and consider its implications for the Jamaican business community. If you have any questions in relation to any matter, please contact any member of the PwC Jamaica tax team by calling (876) 922-6230.

Download PwC Jamaica’s Analysis Of Jamaica’s 2011-12 Budget (PDF format)

Minister of Finance and Public Service, Audley Shaw, today announced a tax package aimed at closing the multi-billion dollar gap in the 2009/10 budget. In his presentation, he outlined various initiatives which are to be undertaken to increase the revenues that are collected by the Government.

Major Tax Measures in Jamaica’s 2009/10 Budget:

1. Effective April 27, 2009 tax on fuel will be increased by $8.75 per liter. Also customs user fees on fuel imports other than those in the PetroCaribe Agreement will be increased from 2% to 5%.
2. Broadening GCT base to include some currently tax exempted items.
3. The minimum tax threshold will be doubled from the current level of $220,500 to $440,000. The increase will be staggered with the first increase taking effect July 1st to $320,000 with the second increase to $440,000 effective January 1st 2010.
4. The imposition of withholding tax of 33 1/3% on dividends for non resident share holders.
5. Transfer tax will be decreased from 5% to 4% while there will be a stamp duty reduction from 4.5% to 3%, both effective January 1 2010.