Income Tax Rate Jamaica 2019

You are viewing the income tax rates thresholds and allowances for the 2019 tax year in jamaica.

Income tax rate jamaica 2019. Tax is imposed on certain sources of income such as interest dividends royalties and fees by way of withholding at a rate of 33 for non resident corporations. Tax is imposed on individuals at the national level. 2019 20 budget pursuing growth with equity kingston jamaica. Personal income tax rate in jamaica averaged 26 76 percent from 2004 until 2020 reaching an all time high of 35 percent in 2010 and a record low of 25 percent in 2005.

It is estimated that the revenue loss from this measure will be ja 3 431 billion for 2019 20. Income tax is not separately imposed at the local level. Lower rates of withholding are possible provided that the recipient is resident in a country that has concluded a double taxation treaty dtt with jamaica. Tax rates tool test page individual income tax rates table kpmg jamaica.

Jamaica income tax calculators 2019 20 select a specific income tax calculator to calculate your salary deductions based on your income period. This page provides jamaica personal income tax rate actual values historical data forecast chart statistics economic calendar and news. Section 30 of the income tax act will has been amended to impose the tax rate of 30 per annum on income in excess of 6 000 000. It is proposed that the rate of transfer tax on such transactions will be reduced from 5 to 2 with effect from 1 april 2019.

An annual tax free threshold of jmd 1 5 million is available to jamaican tax resident individuals. The personal income tax rate in jamaica stands at 30 percent. Each income tax calculator has the same features and advanced tax calculations and outputs the calculations are simply based on different income and expense payment periods. Nigel clarke has announced that as of april 1 2019 employees will start paying more in deductions for the national insurance scheme nis.

Income tax rates thresholds and exemption 2003 2020 notes and instructions for completion of returns of income tax payable it01 it05 payroll taxes and contribution rates employee employer. If you are looking for an alternative tax year please select one below. Kpmg s individual income tax rates table provides a view of individual income tax rates around the world. The salary tax calculator for jamaica income tax calculations.

Chargeable in come derived in excess of jmd 6 million per annum is subject to income tax at a rate of 30. The jamaica tax calculator includes tax years from 2002 to 2020 with full salary deductions and tax calculations.