You are here
Jamaica passes bill seeking big companies to open head offices
KINGSTON, Jamaica—A bill encouraging overseas companies to establish their head offices in Jamaica, and to exempt officers of such companies from the payment of income tax, was passed in the House of Representatives on Tuesday. The bill—The Income Tax (Amendment) Act—was piloted by Minister of Finance and Planning Dr Peter Phillips.
In his remarks, Phillips said the bill exempts persons who are not residents of Jamaica and who perform group head office activities from the payment of income tax. “The point to note here is that not all activities of all foreign corporations are being exempt by this Bill.
“The purpose of the bill is to provide incentives for large international corporations operating in multiple jurisdictions to move their activities to Jamaica. We are not giving up anything that we now have, rather it is seeking to attract additional economic activities to the country and expand the pool of tax over time generally, by virtue of these activities,” the finance minister said.
He said entity approved will be subjected to an approval process where it will need to meet the criteria for carrying out group headquarter activities, being incorporated in Jamaica and ensuring that at least 30 per cent of its staff members are Jamaicans.
Caribbean News Now
User comments posted on this website are the sole views and opinions of the comment writer and are not representative of Guardian Media Limited or its staff. Guardian Media Limited accepts no liability and will not be held accountable for user comments.
Please help us keep out site clean from inappropriate comments by using the flag option.
Guardian Media Limited reserves the right to remove, to edit or to censor any comments. Any content which is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will be removed.