Assets Tax Rate Reduction Applicable to Financial Institutions

Tax Administration Jamaica (TAJ) has been advised by the Ministry of Finance and the Public Service (MoFPS), that the proposal to reduce the rate of the Assets Tax announced by the Honourable Minster of Finance, in Ministry Paper No. 14/20 dated March 10, 2020 will NOT take effect for the year of assessment 2022.

This means that the current Assets Tax Rate of 0.25% will remain in effect, and the proposed reduction to 0.125% will not be implemented for year of assessment 2022. The public will be further advised on the effective date of implementation.

The deferral of the rate reduction is as a result of the current economic uncertainty, due to the prolonged COVID-19 pandemic. 

For further information please contact the TAJ Client Relationship Management Unit in the Large Taxpayer Office, the Ministry of Finance and the Public Service mofps.pr@mof.gov.jm or visit www.jamaicatax.gov.jm.