Business Reforms in Jamaica
= Doing Business reform making it easier to do business. = Change making it more difficult to do business.
Starting a Business: Jamaica made starting a business more difficult by removing the ability to complete next day company incorporation.
Paying Taxes: Jamaica made paying taxes less costly by increasing tax depreciation rates and the initial capital allowance for assets acquired on or after January 1, 2014. Furthermore, companies incorporated for less than 24 months are exempted from paying the minimum business tax. Jamaica also made paying taxes easier by implementing an electronic system for filing of corporate income tax, VAT and social contributions.
Trading across Borders: Jamaica reduced the time of documentary compliance for exporting by implementing an automated customs data management system, ASYCUDA World.
Starting a Business: Jamaica made starting a business easier by streamlining internal procedures.
Dealing with Construction Permits: Jamaica made dealing with construction permits easier by implementing a new workflow for processing building permit applications.
Paying Taxes: Jamaica made paying taxes easier and less costly for companies by encouraging taxpayers to pay their taxes online, introducing an employment tax credit and increasing the depreciation rate for industrial buildings. At the same time, Jamaica introduced a minimum business tax, raised the contribution rate for the national insurance scheme paid by employers and increased the rates for stamp duty, the property tax, the property transfer tax and the education tax.
Resolving Insolvency: Jamaica made resolving insolvency easier by introducing a reorganization procedure; introducing provisions to facilitate the continuation of the debtor’s business during insolvency proceedings and allow creditors greater participation in important decisions during the proceedings; and establishing a public office responsible for the general administration of insolvency proceedings.
Starting a Business: Jamaica made starting a business easier by consolidating forms, but also made it more time-consuming as a result of delays in the implementation of the electronic interface with different agencies.
Getting Electricity: Jamaica made getting electricity less expensive by reducing the cost of external connection works.
Getting Credit: Jamaica improved access to credit by establishing credit bureaus and by adopting a new secured transactions law that implements a functional secured transactions system, broadens the range of assets that can be used as collateral, allows a general description of assets granted as collateral and establishes a modern, notice-based collateral registry.
Paying Taxes: Jamaica made paying taxes more costly for companies by introducing a new minimum business tax.
Starting a Business: Jamaica made starting a business easier by enabling the Companies Office of Jamaica to stamp the new company’s articles of incorporation at registration.
Registering Property: Jamaica made transferring property more difficult by increasing the transfer tax and the stamp duty.
Getting Credit: Jamaica improved its credit information system by creating a legal and regulatory framework for private credit bureaus.
Paying Taxes: Jamaica made paying taxes less costly for companies by reducing the corporate income tax rate—though it also increased vehicle and asset taxes.
Paying Taxes: Jamaica made paying taxes easier for companies by allowing joint filing and payment of all social security contributions.
Trading across Borders: Jamaica reduced the time to import by allowing customs entries to be lodged at night.
Registering Property: Jamaica eased the transfer of property by lowering transfer taxes and fees, offering expedited registration procedures and making information from the company registrar available online.
Registering Property: Jamaica made registering property easier by reducing the property transfer tax.
Dealing with Construction Permits: Jamaica reduced the time required for dealing with construction permits by introducing a statutory time limit for the issuance of building permits.
Registering Property: Jamaica made transferring property less costly by reducing the property transfer tax and the stamp duty.