Tax
Income Tax Act with GCT as the main indirect tax
Income tax on individuals and companies is charged under the Income Tax Act, administered by Tax Administration Jamaica, and residents are taxed on worldwide income. The main indirect tax is General Consumption Tax under the General Consumption Tax Act, a value-added tax with a registration threshold. Employers operate PAYE and remit statutory deductions monthly.
Key rules
- Jurisdiction — National; Revenue Appeals Division then the Revenue Court
- Deadline — Annual income tax return: due by 15 March following the year of assessment
- Deadline — Estimated tax: paid in quarterly instalments on 15 March, June, September and December
- Deadline — GCT return: filed monthly, by the last working day of the following month
Governing law
- Income Tax Act
- General Consumption Tax Act
- Revenue Administration Act
- Stamp Duty Act
In practice
The quarterly estimated-tax regime is what catches new businesses: a declaration of estimated income is required and instalments are payable during the year, so a company that waits for the March filing date will face interest even if the final liability is correct. Assessments are challenged first through the Revenue Appeals Division before reaching the Revenue Court.