Page 102 - Caribbean-Central America Profile 2018

JAMAICA

CARIBBEAN-CENTRAL AMERICA PROFILE 2018

Official Name: Jamaica
Capital: Kingston
Nationality: Jamaican(s)
Official Language: English
Population Total (millions): 2.88 (2016 est.)
JAMAICA Size: 4,411 square miles
Currency: Jamaican Dollar (JMD)
KINGSTON Internet Domain: .jm
International Dialling Code: +876
Electricity: 110/220 volts / 50 cycles

COUNTRY OVERVIEW INVESTMENT INCENTIVES
Jamaica is an important member of the Caribbean Common Market (CARICOM) and is
q Jamaica is the third largest country in the
Caribbean and the largest of the English-speaking a vibrant emerging market with enormous possibilities for trade and inward investment.
islands. It enjoys the near shore advantage of being strategically located less than 600 miles from
the United States. Jamaica’s strength as an investment location is grounded in a number
q Situated 145 kilometers south of Cuba and of factors:
160 kilometers southwest of Haiti, Jamaica is
mountainous in the interior. • Large English speaking population.
• Competitively priced labour force.
q With low coastal plains and its best beaches on
the north and west coasts, its highest peak, the • Well-developed infrastructure with world-class highways, airports and seaports.
Blue Mountains, is 2,256 meters. • Robust and redundant telecommunications infrastructure.
q The capital city, Kingston, situated on the southern • Strong air connectivity – Frequent flights to major gateways worldwide.
end of the island is Jamaica’s major commercial • Impressive sea connectivity – #1 transshipment port in the region.
centre and also has the world’s seventh largest
natural harbour – Kingston Harbour.
Jamaica’s diversified market economy offers an exciting range of investment projects
Jamaica’s diversified market economy has of significant scale in the key sectors of Information and Communications Technology
accommodated over US$6 billion in foreign direct (ICT)/Business Process Outsourcing (BPO), Tourism, Manufacturing and Logistics.
investments (FDI) over the past 10 years. This is Investment opportunities are also available in traditional sectors such as Agribusiness,
mainly attributable to expanding investments in Mining, Energy and Manufacturing, Logistics, Medical Tourism and the Animation arts.
Business Process Outsourcing (BPO) and Tourism.
Investment opportunities also available in traditional The Government has implemented a very comprehensive set of incentives under the
sectors like Agribusiness, Mining, Energy and Omnibus legislation framework. This new omnibus fiscal incentives framework provides
Manufacturing, as well as exciting areas like for varying levels of relief in respect of customs duties, additional stamp duties and
Logistics, Medical Tourism, and the Animation corporate income tax. These benefits are granted via the following four (4) specific
arts, one of the many expressions of Jamaica’s rich
Creative Industries. pieces of legislation:
Global investor interest is high arising from the
current efforts of the Government of Jamaica to THE FISCAL INCENTIVES ACT
position the island as the next global logistics hub. This is targeted at small and medium size businesses and provides for the reduction of the
With the expansion of the Panama Canal resulting effective corporate income tax rate by applying:
in the doubling of its current capacity, Jamaica • An Employment Tax Credit (ETC) at a maximum value of 30%
Logistics Hub will create numerous business and job
opportunities in materials management, distribution • A Capital Allowance applicable to a broadened definition of industrial buildings
services (national and global), consolidation/
deconsolidation, storage, inventory management, 1. The Income Tax Relief (Large-Scale Projects and Pioneer Industries) Act
shipment scheduling, order processing, product sub- This is targeted at large-scale projects and/or pioneering projects and provides for
assembly, packing, labelling and other maritime an improved and more attractive rate for the Employers’ Tax Credit (ETC). Projects
ancillary services. to be designated either as large-scale or pioneer will be based on the decision of
Parliament having been informed by an Economic Impact Assessment.

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