|Listen to Live Jamaican Radio, Listen to Power 106 FM 24x7. Click Here to Listen Free | (Advertisement)|
Gov't tables bill to exempt some foreigners from paying income tax
2012-09-18 16:12:55 | (0 Comments)
Daraine Luton, Senior Staff Reporter
The Government has tabled a bill in Parliament which seeks to exempt persons, who are not residents of Jamaica and who perform prescribed operations in the country, from the payment of income tax.
The move to amend the Income Tax Act is part of the Government's move to grow foreign investment in Jamaica.
"It is hoped that, by facilitating the establishment of group head office companies in Jamaica, other companies will realise the economic benefits, including increased foreign investments, access of alternative capital providers, new markets and the creation of new jobs," the Memorandum of Objects and Reasons of the bill states.
The bill, which was laid today, outlines the activities which a company or other corporate body that operates in Jamaica must perform to qualify for group head office status.
The activities outlined are the supervision, management or monitoring or the operations of the company; accounting, data processing, engineering and other technical support; and centralised treasury management and similar funding activities.
Source: The Gleaner/Power 106 News
The opinions on this page do not necessarily reflect the views of The Gleaner. The Gleaner reserves the right not to publish comments that may be deemed libelous, derogatory or indecent. To respond to The Gleaner please use the feedback form.
Go- Jamaica: Home | Business Directory | Jobsmart | Chat | Gallery | Videos | Events