Jamaica Post Budget Tax Bulletin 2016/17

Jamaica Post Budget Tax Bulletin 2016/17

The Honourable Minister Audley Shaw, Minister of Finance and the Public Service, opened the 2016/17 Budget Debate today. The Minister started by highlighting that over the past 40 years, the economy has seen only marginal growth with an annual growth in the Gross Domestic Product of no more than 1% in recent years. The Minister emphasized that the unequivocal commitment of the Government of Jamaica is to move the country forward through economic growth and job creation.

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Jamaica Post Budget Tax Bulletin

Highlights

  • Increase in the annual Personal Income Tax (PIT) Threshold for individuals
  • Increase in the PIT rate for high income earners
  • Increase in Special Consumption Tax (SCT) on petrol
  • Introduction of SCT on liquefied natural gas and an increase in SCT on Fuel Oil
  • Increase in SCT on cigarette 
  • Increase in Departure Tax 
  • Junior Stock Exchange

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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