UPDATE: Banks have agreed to forego the $3bn reduction in asset taxes. The funds will instead be contributed to the Covid contingency fund, bringing it to $10bn (US$74 million).

Jamaica’s 2020/21 budget sees the largest tax cuts in the country’s history – J$18 billion (US$133 million).

General Consumption Tax (GCT) is being slashed from 16.5% to 15%, saving taxpayers $14 billion (US$103 million)

Small businesses are entitled to a $375,000 (US$2,800) tax credit.

This programme is a partnership with the Ministry of Finance Jamaica. Download the Citizen’s Guide to the Budget at:
https://mof.gov.jm/

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