Jamaica

Paying Taxes in

Jamaica

Below is a detailed summary of the taxes and mandatory contributions that a medium-size company must pay or withhold in a given year, as well as measures of administrative burden in paying taxes.

This information was collected as part of the Doing Business project, which measures and compares regulations relevant to the life cycle of a small- to medium-sized domestic business in 185 economies. The most recent round of data collection was completed in December 2011.

Compare Jamaica to 184 other economies.

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Tax or mandatory contribution Payments (number) Notes on Payments Time (hours) Statutory tax rate Tax base Total tax rate (% profit) Notes on TTR
Corporate income tax 4 30 33% taxable profit 25.7
National Housing Trust 0 paid jointly 3% gross salaries 3.4
Education Tax 0 paid jointly 3% gross salaries 3.4
HEART contribution (Human Employment and Resource Training) 0 paid jointly 3% gross salaries 3.3
Social security contribution -National Insurance 12 290 3% gross salaries 2.8
Property transfer tax 1 4% sale price 2.4
Fuel tax 1 fuel consumption 2
Stamp duty 1 3% sale price 1.8
Tax on interest 25% interest income 0.6 not included
Property tax 1 various rates 0.4
Asset tax 1 various rates 0.2
Vehicle tax 2 JMD 8,000 value added 0.1
Value added tax (VAT) 12 48 18% value added 0 not included
Annual return filing fee 1 JMD 3,000 fixed fee 0 separating out the AIDS levy
Totals: 36 368 45.6
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