Jamaica reduces Goods and Sales Tax GST 2012

As part of a wide range of tax reforms, Jamaica is set to cut its Goods and Services Tax rate from 17.5% to 16.5% in June 2012.

A Green Paper has been compiled earlier in 2011 spelling out a host of reforms by the Finance Ministry. The Corporate Tax rate will also be cut from over 33% down to 25% by 2013. Changes to the property tax and income tax regimes have also been included.

The proposals are targeted at stimulating economic growth which has been close to flat in recent years.