The following overview provides a detailed summary of corporate tax regulations for companies operating in Jamaica as of 2025. Covered topics include standard corporate tax rates, assessment bases, and the structure of relevant surtaxes and levies for corporate entities.
Corporate Income Tax Framework in Jamaica
Corporate residents in Jamaica are taxed on their worldwide income, while non-resident companies are liable on Jamaican-source income. The corporate tax regime is progressive in structure but, as of 2025, features a single published rate.
Standard Corporate Tax Rate
| Income Range (JMD) | Corporate Tax Rate (%) |
|---|---|
| 0 and above | 33.33% |
Jamaica applies a headline corporate income tax rate of 33.33% to corporate profits regardless of income level. No additional brackets are specified for different profit tiers. Tax is assessed on a corporate basis, in the local currency (JMD).
Surtaxes and Additional Levies
In addition to corporate income tax, several surtaxes and special levies apply to specific business activities and industries in Jamaica. The table below details these charges as at 2025:
| Surtax / Levy | Rate (%) | Applicable Condition |
|---|---|---|
| General Consumption Tax (GCT) Advance | 5% | Commercial importation of goods by a GCT-registered taxpayer |
| Environmental Protection Levy (EPL) | 0.5% | Customs value of imported goods |
| Standards Compliance Fee (SCF) | 0.3% | Customs value of imported goods |
| Contractors Levy | 2% | Payments to contractors for construction, haulage, or tillage operations |
| Asset Tax | 0.25% | Taxable value of assets of deposit-taking institutions and certain regulated companies |
These additional fiscal obligations can significantly affect the overall tax burden, particularly for businesses engaged in import, large-scale projects, or financial services.
Assessment Basis and Other Features
Corporate assessments are performed at the entity level in Jamaica. Information regarding minimum or maximum holding periods for tax purposes is not currently disclosed by the authorities, which is typical for corporate income tax unless related to special gains or reliefs.
Pro Tips for Navigating Jamaican Corporate Taxes
- Ensure accurate classification of imports for surcharge calculations, as levies such as GCT advance, EPL, and SCF directly impact landed costs on goods.
- Verify contractor payments: Payments for construction or related services are subject to a 2% contractor’s levy; proper recordkeeping and source deduction are essential for compliance.
- Banks and regulated finance companies should monitor asset tax exposure, as a 0.25% tax applies annually to the taxable value of qualifying assets.
- Keep documentation up to date: Discrepancies in compliance or late filings could increase risk of audit or assessment of penalties.
Useful Resources
- jamaicatax.gov.jm – Official portal for Jamaica Tax Administration
For 2025, companies based or operating in Jamaica face a uniform corporate tax rate of 33.33% and a variety of targeted surtaxes depending on business activity. Careful planning and diligent compliance with reporting requirements are essential to avoid unexpected tax exposure. Staying aware of sector-specific levies, especially in contracting and import activities, remains key to managing overall costs and risk in the Jamaican tax environment.