All workers in Jamaica pay payroll taxes unless they earn below the tax exemption threshold. The tax exemption threshold is reviewed annually and is JMD$557,232 until Jan 2016. Payroll taxes are:
Sales tax that applies in Jamaica is the general consumption tax (GCT). The standard rate is 16.5%; otherwise these rates apply:
The Jamaican government streamlined taxes to be more pro investor through the Productive Input Reliefs scheme by offering concessions to manufacturers for stamp duty, customs duty, GCT, special consumption tax (SCT), and additional stamp duty (ASD). The reform improved Jamaica's ranking in the World Bank's doing-business index up to 64 out of 189 countries.
Update 13/02/2016
If you want to move money abroad, from Jamaica or to Jamaica for example, Fexco provides efficient and secure global bank to bank transfers and bespoke payment solutions for both business and personal clients.
Fexco provides a secure international money transfer service online or by telephone with bank beating fx rates and low fees. Specialises in high-value transfers.
Fexco will help you to keep your overseas money transfer costs to a minimum.
Margin | 0.6% |
---|---|
Regulator | FCA |
Fee | £10 < £5K or Free > £5k |
Mini | £1K |
Ccy | All (130 currencies, incl ‘exotics’) |
Services | Repatriation of funds, Property, Regular payments, High Value payments, spot, online, telephone. |
When you are ready to make your transfer, John and his team will be available to help you with better rates and an unrivalled service to make sure your funds are delivered securely and speedily.