The House of Representatives has approved the withdrawal of $282 million from the Capital Development Fund (CDF) to provide budgetary support to the Jamaica Bauxite Institute (JBI) for the 2023/24 financial year. It is also proposed that a withdrawal be made from the Fund for the payment of outstanding management fees of $2.5 million to the Development Bank of Jamaica...

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, says that upgrading of Jamaica’s credit rating by Standard and Poor’s will facilitate access to financing on better terms. Standard and Poor’s (S&P) Global Ratings, on September 13, upgraded the Government of Jamaica’s Long-Term Foreign and Local Currency Issuer Default Rating (IDR) from B+ to BB-, with a...

A total of 19,063 Jamaicans were granted visas for permanent residence or citizenship in the United States of America (USA), Canada and the United Kingdom (UK) in 2021. This is contained in the Planning Institute of Jamaica (PIOJ) 2022 Economic and Social Survey, which was tabled in the House of Representatives recently. The document notes that the USA remains the...

Tax Administration Jamaica (TAJ) is reminding business persons that their 3rd quarter Estimated Corporate Income Tax and Self-employed Statutory Payments are due on Friday, September 15, 2023. These include: Estimated Corporate Income Tax (3rd quarter) Self Employed Statutory Payments (3rd quarter) Stamp Duty (3rd quarter) Trade Licence Withholding Tax Additionally, Employer’s Monthly Statutory Payroll Deductions (S01) for the month of...

Financial Investigation Division The Financial Investigations Division (“FID”), is using the proceeds of assets confiscated under Jamaica’s proceeds of crime legislation to fund the extraordinary expenses it incurs in the SSL fraud investigation. These funds do not constitute tax revenue. These funds arise from the FID’s work in identifying, restraining, forfeiting and monetising the proceeds of crime. That is, these...

Tax Administration Jamaica (TAJ) is pleased to announce that four (4) of its Tax Offices have been ISO 9001:2015 certified by the National Certification Body of Jamaica (NCBJ). This certification means the revenue authority has acquired the seal of approval, for being in compliance with the internationally recognized standard for quality management systems. The certified locations are as follows: •...

Persons are encouraged to take note of the Ministry of Finance and the Public Service’s publication of unclaimed account balances. Unclaimed balances are monies that have remained in the possession or under the control of a banking institution for 15 years or more. This means funds in the bank account of persons who have not conducted any transactions utilising these...