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Jamaica: Taxes and Costs

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Last Updated: Nov 29, 2007

Taxes are moderate to high in Jamaica

Income Tax

Non-residents are charged income tax on the basis of their income from Jamaica, including profits arising from property, such as rents, royalties, premiums, etc. The income tax rate for non-residents is 25%. Property taxes paid, maintenance costs, interest payments, and depreciation are deductible from the taxable income.

Income tax is usually charged separately on each married couple’s income. However, married taxpayers may file for an Election of Joint Assessment, so that their income will be taxed jointly.


Real Property Tax

Real property taxes are computed on the basis of the unimproved value of the land, which is essentially the property’s market value as determined by valuations office. The following rates apply to all parishes:

REAL PROPERTY TAX
UNIMPROVED VALUE OF PROPERTY, JMD (US$) PROPERTY TAX RATE
Up to 20,000 (US$301) JMD50.00 (US$0.75)
20,000 - 50,000 (US$752) 0.10%
50,000 - 100,000 (US$1,504) 0.30%
100,000 - 500,000 (US$7,519) 0.75%
500,000 - 1,000,000 (US$15,038) 1.50%
1,000,000 - 2,500,000 (US$37,594) 2.00%
2,500,000 - 5,000,000 (US$75,188) 2.50%
Over 5,000,000 (US$75,188) 3.00%

When more than one person holds possession of taxable land, there is a joint liability for the payment of property tax.


Capital Gains Tax

No capital gains tax is levied in Jamaica.

 

Jamaica - more data and information

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