News on tax changes

Tax changes – from Gleaner report

http://jamaica-gleaner.com/latest/article.php?id=37406

 

GCT reduced by 1% to 16.5% now charged on:

All fresh food except for chicken

Saltfish, milk, milk-based and milk substitutes except for baby formula

Printed material (book industry not happy)

 

from June 1 threshold for GCT on electricity increased from 200 Kilowatt Hours to 300 Kilowatt Hours. Solar panels now tax-free

 

Tax free items include:

Adult diapers and sanitary napkins

 

Special consumption tax of $9.50 added to each litre of alcoholic beverage

 

Hotel industry:

Removal of all tax-free expenses on commission and transportation except for gratuities

 

Corporate income tax cut to 25% but 33% remains for financial institutions as well as for telephone companies

 

For all registered companies - a flat fee of $60,000 per year

 

Motor vehicles:

50% increase on license plates, licensing and registration

 

Increase in income tax threshold:

From $441,168 to $505,312

 

Reported in article by Damion Mitchell