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IMF Mission To Jamaica Highlights Tax Reforms

by Mike Godfrey, Tax-News.com, New York

26 August 2013

An International Monetary Fund (IMF) mission to Jamaica highlighted some tax reforms which the country is implementing.

The IMF mission visited Jamaica during August 14-23, 2013 to conduct discussions on the first review of Jamaica’s IMF-supported program under the Extended Fund Facility (EFF).

The mission found that several legislative amendments have been adopted to bolster tax administration, and the resources of the large taxpayers office have been increased.

It also noted that Jamaica intends to adopt fundamental tax reform before the next fiscal year, designed to broaden the tax base, simplify the tax system, reduce tax rates, and reduce economic distortions and support growth. Tax reform is programmed to commence with an Omnibus Incentive Tax Act and a Charities Bill, to be tabled in parliament before end-September. The tax incentives legislation is expected to replace and streamline the many existing sectoral incentive schemes by a rules-based regime for limited tax incentives.

TAGS: tax | tax incentives | International Monetary Fund (IMF) | Jamaica | legislation | tax rates | tax reform

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