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Jamaica Tax Rate for 2017, 2016, 2015, 2014, 2013

Jamaica Income Tax Rate 2016, 2015, 2014, 2013

Income Tax Rate w.e.f 1st January 2016

Threshold

2016

2015

2014

2013

 

Individual Threshold ($)

 

$592,800

 

$557,232

 

$507,312

 

$507,312

 

Tax Rate

 

7%

   

25%

 

25%

 

 

 

A new income tax threshold of $592,800 per annum comes into effect in the New Year on January 1, 2016, moving up from the current tax-free amount of $557,232.

The increase in the threshold means that the corresponding tax-free portion to be used by employers, as of January 2016, in making periodic payments is as follows:

$11,400.00 Weekly
$ 22,800.00 Fortnightly
$ 49,400.00 Monthly
$148,200.00 Quarterly

Employers are advised to make the necessary adjustments to their payroll system to reflect the increase in the threshold, so that all employees may benefit from the increase.

In addition to employees, all individuals resident in Jamaica, whether self-employed or pensioners will also benefit from the increase in the income tax threshold.

With the increase in the threshold, the tax paid per annum by each individual will reduce by $8,892.00 (i.e. 592,800 557,232 = $35,568 x 25%), while the net effect for each individual per quarter will be a reduction in tax of $2,223.00 and $741.00 per month. The public is reminded that income in excess of the threshold will continue to be taxed at 25%.

Self-Employed individuals are advised that the new threshold of $592,800 is to be used to file their estimated income tax return for the 2016 year of assessment, due March 15 and to make payments for the same year in four equal installments by March 15, June 15, September 15 and December 15 of each year. However, the threshold of $557,232 is to be used in filing the annual tax return for year of assessment 2015, which is also due on March 15, 2016. Pensioners and persons sixty-five and over are reminded that in addition to the threshold they are entitled to a pension exemption of $80,000 and an age exemption of $80,000 respectively.

Jamaica Income Tax Rates 2014 and Deductions

Jamaica Income Tax Rate for Individual Tax Payers

Individual Tax Rate is 25%

 

Threshold

 

2014

 

2013

 

Individual Threshold ($)

 

$507,312

 

$507,312

 

Tax Rate

 

25%

 

25%

 

Exemptions

 

Individual over 65 Years

 

507,312

 

507,312

 

Age Relief

 

80,000

 

80,000

 

Pensioners under and over 65

 

507,312

 

507,312

 

Age Relief

 

80,000

 

80,000

 

Pensioner Relief

 

80,000

 

80,000

 

 

Jamaica Income Tax Withholding Tax on local payments

TYPE OF WITHHOLDING TAX RATE

Withholding Taxes - Interest paid locally 25% of gross
Withholding Taxes - Dividends (Residents) 5% of gross
Withholding Taxes - Dividends (Non-Residents; Treaty rates is applied where necessary) *33.33% & 25% of gross
Withholding Taxes - Directors Fee 25% of gross
Withholding Taxes - Pensions 25% of gross
Withholding Taxes on interest -quarterly 25% of gross

Corporate Tax Rates in Jamaica

Corporate tax, including income tax and corporate tax is fixed at the rate of 25% in 2014.

Jamaica Dates of filing Returns / Reporting and Payment

Form IT01 RETURN OF INCOME AND TAX PAYABLE [INDIVIDUALS (SELF-EMPLOYED)]

Who files
This form is to be completed and submitted with supporting documents by Individuals, who are:
self-employed,
employee taxed under Pay As You Earn and have other sources of income in addition to their salaries or wages;
persons not employed but having income from various sources or who any other reason is required by the Commissioner to make an annual return. Filing date March 15th of the following year.

Form IT02 RETURN OF INCOME AND TAX PAYABLE - [ORGANISATIONS (BODIES CORPORATE)]

Who files
This form is to be completed by Bodies Corporate that is subject to Income Tax. The completed form is to be accompanied by a copy of the Balance Sheet and Profit and Loss Account and supporting documents e.g. certificates of tax withheld. Filing date March 15th of the following year.

Form IT03 - RETURN OF INCOME AND TAX PAYABLE - [ORGANISATIONS (UNINCORPORATED BODIES OTHER THAN LIFE ASSURANCE)]

Who files
Users of this form include Partnerships, Trust, Estates, and Building Societies. The completed form is to be accompanied by a copy of the Balance Sheet and Profit and Loss Account and or the relevant supporting documents e.g. certificates of tax withheld. Filing date March 15th of the following year.

Form IT04 - RETURN OF INCOME AND TAX PAYABLE - [ORGANISATIONS (LIFE ASSURANCE)]

Who files
This form is used by Life Assurance Organizations in respect of Life Assurance Funds only. This must be accompanied by Financial Statements, Profit and Loss Accounts and other relevant documents. Filing date is March 15th of the following year.

Form IT05 - RETURN OF INCOME AND TAX PAYABLE - [INDIVIDUALS (PAYEE, PENSIONERS ETC.)]

Who files
This form is used by persons taxed under Pay As You Earn whose source of income is from salaries or wages, pension, dividends, bank interest, investment interest, and other source of income from which tax has been deducted at source in excess of their correct liability. PAYE persons receiving income from other sources should complete Form IT01 Self-Employed Return. Filing date March 15th of the following year.

Form IT06 - EMPLOYERS ANNUAL RETURN - [PAY AS YOU EARN (INCOME TAX)]

Who files
This form is used by all employers. Filing date January 14th of the following year.

Form IT07 - DECLARATION OF ESTIMATED INCOME AND TAX PAYABLE

Who files
Self-Employed persons and all corporate and unincorporated bodies are required to file this return. Filing date March 15th of the current year.

IT08 - MONTHLY RETURN OF WITHHOLDING TAX ON INTEREST BY PRESCRIBED PERSONS AND OTHER BODIES

Who files
Prescribed Persons and other Bodies.
When filed: Within fourteen (14) days after the end of the calendar month in which the interest was paid.

IT09 - QUARTERLY RETURN OF WITHHOLDING TAX ON INTEREST BY PRESCRIBED PERSONS AND OTHER BODIES

Who files
Prescribed Persons and other Bodies.
When filed: Quarterly.

1N Claim Form for Repayment of Jamaican Income Tax to be used by person not resident in Jamaica.

Who files
Persons not resident in Jamaica and their country of residence falls under the Double Taxation Relief will complete the 1N Form to claim for excess income tax paid in Jamaica under the following:

Investment, Profits from trade profession, pension, purchased annuities, royalties, dividends, trust income, profit and gains and other income earned in Jamaica.

Form P01 - PAYE APPLICATION FOR THE DETERMINATION OF EXEMPTIONS & EXPENSES

Who files
To be used by pensioners, golden agers (over age 65), persons with disabilities and commission representatives, to apply for determination of exemptions to adivse intuitions of tax-free amounts.

 

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