Up to $1.4b in Benefits Generated Under Gov’t’s Productive Inputs Relief Scheme

The Government’s Productive Inputs Relief (PIR) scheme has generated benefits totalling up to $1.4 billion for the period to date between 2021 and 2023.

Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, made the announcement during his contribution to the 2023/24 State of the Nation Debate in the Senate on Friday (October 6).

The PIR scheme facilitates duty-free importation of specific items intended for productive use.

It aims to spur an expansion of productive activities in these areas.

Under the system, the Government has targeted specific sectors – agriculture, manufacturing, tourism, healthcare, and the creative industries – which are being leveraged to promote and stimulate economic growth.

Companies operating in Jamaica can benefit from wide-ranging incentives, which are applied at two main stages – import duty and income tax relief.

These incorporate, among other things, relief on Customs Import Duties, normally charged when importing goods into the country; additional Stamp Duties, usually applied at the port on certain products; and Corporate Income Tax, generally levied on the profit income of businesses.

“It is a great deal if you are in the business, and you are manufacturing… this is what we do. You must fill out the arrangement [and] let us know. [We] work with the Ministry of Finance and we collaborate with [many] people. We give you this benefit… [so] you do not pay the customs duty, you do not pay taxes,” Senator Hill stated.