Jamaica

Jamaica

Adoption of a tax relief programme for large-scale projects and pioneer industries

01 Jan 2014

On December 20th, 2013, the Gazette published the "Income Tax Relief (Large-scale Projects and Pioneer Industries) Act, 2013".

Under this law, the Minister may grant via orders various incentives to "large-scale projects" or "pioneer industry". To be identified as such, "large-scale projects" are required to contribute substantially to Jamaica's national development and economic growth, whereas "pioneer industry" needs to have a transformational impact on the economy by turning scientific research into commercial applications. Both categories shall also meet Jamaica's strategic priorities. Income tax relief will be the preferred incentive, but not the only one at Minister's disposal. The order shall be accompanied by a tax expenditure report, including a cost-benefit analysis, and be submitted to Parliament for approval.