Jamaica Tax Agency Issues Technical Advisory Guide on GCT

The Jamaican Tax Administration May 16 issued Advisory Guide No. 051622/01/GCT-TA, on the issues impacting the time of supply due to the reduced 15 percent global consumption tax (GCT) rate. The guide includes: 1) general time of supply rules; 2) the determination of the time of supply in the case of hire-purchase agreements and progressive and periodical supplies; 3) the impact of the reduced GCT rate on credit notes and the motor vehicle tax credit; 4) examples of time of supply agreements; and 5) GCT rules on insurance contracts. [Jamaica, Tax Administration, 05/16/22]

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