Paying Taxes in


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 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 189 economies. The most recent round of data collection was completed on June 1, 2015 covering for the Paying Taxes indicator calendar year 2014 (January 1, 2014 – December 31, 2014).

Compare Jamaica to 188 other economies.

Tax or mandatory contribution Payments (number) Notes on Payments Time (hours) Statutory tax rate Tax base Total tax rate (% of profit) Notes on TTR
Corporate income tax 4 32 25% taxable profits 14.83
HEART contribution (Human Employment and Resource Training) 0 jointly 3% gross salaries 3.85
National Housing Trust 0 jointly 3% gross salaries 3.38
Education Tax 0 jointly 3.5% gross salaries 3.38
Property transfer tax 1 5% sale price 3.03
Social security contribution -National Insurance 12 278 2.5% gross salaries 2.82
Stamp duty 1 4% sale price 2.42
Property tax 1 various rates 0.99
Tax on interest 0 25% interest income 0.64 not included
Asset tax 1 various rates 0.36
Minimum business tax 1 JMD 60,000 0.21 not included
Vehicle tax 2 JMD 18,000 fixed fee 0.06
Annual return filing fee 1 JMD 5,000 fixed fee 0.02
Fuel tax 1 fuel consumption 0.00 small amount
Value added tax (VAT) 12 48 16.5% value added 0.00 not included
Totals: 37.00 358.00 35.2

Name of taxes have been standardized. For instance income tax, profit tax, tax on company's income are all named corporate income tax in this table.
The hours for VAT include all the VAT and sales taxes applicable.
The hours for Social Security include all the hours for labor taxes and mandatory contributions in general.

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