Jamaica Tax Rates
Jamaica operates a tax system administered by Tax Administration Jamaica (TAJ). Personal income tax is a flat 25% (30% on income above JMD 6 million), corporate tax is 25%, and the General Consumption Tax (GCT) is 15%. Jamaica reformed its tax system significantly in recent years, simplifying rates and broadening the tax base. The country taxes residents on worldwide income.
Top Income Tax Rate
30%
Corporate Tax Rate
25%
VAT / Sales Tax
15%
Capital Gains Tax
15%
Detailed Tax Information
Income Tax Brackets
Jamaica imposes personal income tax at 25% on income above the annual tax-free threshold of JMD 1,500,096, with a higher rate of 30% on income exceeding JMD 6 million. Residents are taxed on worldwide income; non-residents on Jamaican-source income only at 25%. Employment income is subject to PAYE withholding.
| Income Range | Tax Rate |
|---|---|
| J$0 – J$1.5M | 0% |
| J$1.5M – J$6.0M | 25% |
| J$6.0M+ | 30% |
Corporate Tax
Jamaica imposes a 25% corporate income tax on resident companies. Unregulated companies pay 25%, while regulated companies (banks, insurance, securities dealers) pay 33.33%. Companies in Special Economic Zones benefit from income tax credits and incentives. A minimum business tax of JMD 60,000 per year applies.
Standard Rate
25%
Capital Gains Tax
Jamaica imposes a transfer tax (functioning as capital gains tax) of 15% on the value of property transfers. This applies to real estate and other property transfers. Share transfers are subject to stamp duty.
Rate
15%
VAT / Sales Tax
Jamaica levies a 15% General Consumption Tax (GCT) on most goods and services. Basic food items, medicines, agricultural inputs, and exports are zero-rated. Financial services, education, and health services are exempt. Monthly GCT returns are required.
Standard Rate
15%
Cryptocurrency Tax
Jamaica does not have specific cryptocurrency tax legislation. The Bank of Jamaica has not recognized crypto as legal tender. Crypto gains would be subject to general tax rules.
Tax Treaties
Jamaica has approximately 14 double taxation agreements. Key treaties include those with the US, UK, and Canada. As a CARICOM member, Jamaica benefits from the CARICOM multilateral tax agreement.
Treaty Network
14
Double taxation agreements
Major treaty partners:
Key Details
Relocate to Jamaica
See how much you could save by moving here from your current country.
+$21K
Tax in United States
$24K
24.4% effective
Tax in Jamaica
$3K
3% effective
You Save
87.7%
less tax annually
US Citizens: Important Note
US citizens are taxed on worldwide income regardless of residence. You'll still need to file US taxes, though the Foreign Earned Income Exclusion and Foreign Tax Credit may reduce your liability.
