Effective Wednesday, April 1, 2020 the Standard Rate of General Consumption Tax (GCT) payable in respect to taxable goods and services will be 15%. This is a reduction from the previous rate of 16.5%. The new GCT rate of 15% has been published in the Jamaica Gazette dated March 30, 2020, volume number CLXIII, No.

How is PAYE tax calculated in Jamaica?

To calculate, subtract the NIS amount from your gross salary then find 2.25 per cent. This is payable on all taxable emoluments at a rate of 2 per cent.

What kind of tax do you pay in Jamaica?

In Jamaica, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals.

How are non domiciled individuals taxed in Jamaica?

A non-Jamaican domiciled individual is generally not taxable on foreign-sourced income unless one remits this to Jamaica. Notwithstanding this, a non-domiciled individual working in Jamaica is taxed on the compensation attributable to services rendered in and in relation to Jamaica (subject to certain exceptions) as well as Jamaican-sourced income.

What is the tax rate for NHT in Jamaica?

National housing trust (NHT) contributions NHT contributions are made by employers at the rate of 3% while employees contribute at the rate of 2% on all taxable emoluments received from employment in Jamaica. Self-employed persons also contribute at a rate of 2% of earnings.

What is the income limit for NIS in Jamaica?

The income threshold for both employed and self-employed individuals is programmed to increase to JMD 3 million per annum with effect from 1 April 2021 and to JMD 5 million per annum with effect from 1 April 2022. NIS contributions are tax deductible. National housing trust (NHT) contributions