Jamaica MOF Presents 2024-2025 Budget Speech

The Jamaican Ministry of Finance and the Public Service March 12 presented the 2024-2025 budget speech. The speech describes measures to: 1) increase the annual general individual income tax threshold to approximately J$1.7 million (US$11,070) from approximately J$1.5 million (US$9,768), from April; 2) reduce the corporate income tax rate to 25 percent from 33.33 percent for qualified independent power producers (IPPs) generating at least 75 percent of energy from renewable sources; 3) clarify the 25 percent corporate income tax rate for companies providing trust and corporate services; 4) introduce a reverse tax credit of J$20,000 (US$130) for every registered taxpayer ...