INDIVIDUAL TAXATION

Nonresidents are taxed on their Jamaican-sourced income. Married couples are generally assessed and taxed separately. However, married taxpayers may file for an Election of Joint Assessment, so that their income will be taxed jointly.

Income Tax

INCOME TAX
TAXABLE INCOME, JMD (US$)	TAX RATE
Up to 6 million (US$39,392)	25%
Over 6 million (US$39,392)	30% on all income over US$46,154

CAPITAL GAINS
No capital gains tax is levied in Jamaica.

However, capital gains earned from selling property that are considered business income may be subject to income tax.

Stamp Duty on Transfer of Real Property

Stamp duty is levied at a flat rate of 4% on transfers of real property owned by individuals.

PROPERTY TAX

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.

REAL PROPERTY TAX
TAX BASE, JMD (US$)	TAX RATE
Up to 300,000 (US$2,307)	JMD1,000 (US$8)
Over 300,000 (US$2,307)	0.75%

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

Parochial Property Tax

Parochial property taxes are under the jurisdiction of parochial or local governments. The tax base is computed on the basis of the unimproved value of the property, which is essentially the property´s market value as determined by valuations office. Applicable tax rates vary, depending on the rulings of the local governments.

CORPORATE TAXATION

INCOME TAX

Income and capital gains earned bynon-resident companies are taxed at a flat rate of 33.33%. Income-generating expenses are deductible when calculating taxable income.