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Jamaica Hikes Taxes In 2015 Budget

by Mike Godfrey, Tax-News.com, Washington

16 March 2015


The Government of Jamaica has outlined measures to raise additional revenue to fill a JMD22.7bn (USD197m) gap in the Government's budget for the fiscal year 2015/16.

The Government has said that it will target non-compliance, especially relating to the property and transfer tax and withholding taxes. These efforts are expected to yield JMD12.3bn.

The remaining JMD10.4bn will be found from the following measures:

  • A hike to Special Consumption Tax (SCT) on fuel products, expected to generate JMD6.4bn;
  • The replacement of the current one percent tax paid by the state oil refinery, Petrojam, to the Petroleum Corporation of Jamaica. Instead, Jamaica will levy a SCT of JMD2 per liter on specified products, to generate an additional JMD1.8bn;
  • The reintroduction of General Consumption Tax (GCT) on monthly electricity consumption of more than 350 kilowatt hours;
  • An increase in the SCT on cigarettes from JMD10.50 to JMD12 per cigarette; and
  • The expansion of the existing 0.5 percent environmental levy on imports to include goods from the Caribbean Community (CARICOM) .
TAGS: environment | compliance | tax | investment | tax compliance | export duty | budget | Jamaica | tax thresholds | excise duty | tax rates | withholding tax | tax reform | retail | Tax

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