Page 103 - Caribbean-Central America Profile 2018

JAMAICA

CARIBBEAN-CENTRAL AMERICA PROFILE 2018

2. Revised Customs Tariff
This is targeted at the productive sectors
and provides for the 0% duty on capital
equipment and raw material. Persons in
Manufacturing, Tourism and Creative
industries stand to benefit from duty free
importation of industry-related consumer
goods.
3. Revised Stamp Duty Act
This is targeted at the manufacturing sector
and provides exemption from additional
stamp duty on raw materials and non-
consumer goods.
The Government of Jamaica has kept the
following four legislated incentives post January
1, 2014 given their significance to continued
economic growth and development:
• The Special Economic Zones Act
The SEZ Act, 2016, which repeals the
Jamaica Export Free Zone Act, was
enacted since February 15, 2016, but only
came into effect on August 1, 2016. This THE JAMAICA PROMOTIONS KINGSTON FREE ZONE
SEZ Act provides these incentives: AGENCY (JAMPRO) The Kingston Free Zone, the premier offshore
• Developers and occupants of SEZ to JAMPRO is an Agency of the Government of industrial estate, is situated on Jamaica’s
south east coast in the hub of the capital city,
pay income tax at 12.5% or as low as Jamaica’s Ministry of Industry, Investment and Kingston. It borders the world’s seventh largest
approximately 7.5% if they qualify for Commerce that promotes business opportunities natural harbour, the Kingston Harbour and is at
certain tax credits in export and investment to the local and the center of vital air and sea routes which link
international private sector.
• No Customs duty on imported items the northern Caribbean to major destinations in
• No General Consumption Tax (GCT) JAMPRO works closely with local and global North America, Europe and the Far East.
on imported and local purchases of entrepreneurs seeking to tap into the many The Zone, which is 17.6 hectares in size, has
goods and services investment and trade opportunities in Jamaica.
In facilitating both local and foreign direct direct access to the Port of Kingston, the
• The Urban Renewal Act investment, JAMPRO guides investors through Caribbean’s most modern transshipment facility,
which is served by the world’s major shipping
Companies that undertake development the necessary processes and offers support in lines. The Norman Manley International Airport
within the designated Special Development partnership with key government agencies and is approximately 22.4 kilometers (14 miles)
Areas benefit from Urban Renewal ministries, even after their investments are away and offers daily passenger and freight
Bonds, a 33.3% investment tax credit, operational. services to major gateways around the world.
tax free rental income and the exemption JAMPRO
from transfer tax and stamp duties on the 18 Trafalgar Rd., Kingston Free Zone and Portmore
‘improved’ property. Kingston 10, Jamaica Informatics Park
• The Income Tax Act (Junior Stock Tel: (876) 978-7755 27 Shannon Drive,
P.O. Box 1025, G.P.O.
Exchange) Fax: (876) 946-0090 Kingston, Jamaica
As of January 1, 2014 companies will not Email: info@jamprocorp.com Tel: (876) 923-5274-8
be required to pay income tax in the first Fax: (876) 923-6023
five (5) years. A company listing after FREE TRADE ZONES/ Email: kfzclsvc@infochan.com
January 1, 2017 will be ineligible for this INDUSTRIAL SITES Website: www.investjamaica.com/Freezone
incentive. The Port Authority of Jamaica, a major promoter
of Free Zones in Jamaica has in operation, three MONTEGO BAY FREE ZONE
• Bauxite and Alumina Industries Free Zones located throughout the country: Montego Bay Free Zone is situated on a 95-
(Encouragement) Act acre (38.5 hectares) site to the southwest of the
Recognized Bauxite & Alumina Producers • The Kingston Free Zone in Kingston, the city of Montego Bay. It now boasts 488,110
are permitted to import all productive industrial capital of Jamaica. sq. feet of factory and office space, offering
inputs free of import duties, the value- • The Montego Bay Free Zone, St. James, the investment opportunities in manufacturing
added tax (called the General Consumption major tourism center in Jamaica. and in Information Technology. The MBFZ is
Tax – GCT) and other port related taxes • The Portmore Informatics Park sited currently in a mode of expansion with 103,000
and fees. in Portmore, St. Catherine, the largest sq. feet (9,560m²) of space under construction
residential region of the country. for Information Technology activities.

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