te employees are entitled to claim a claim a refund of their National Housing Trust contributions when leaving the island permanently.
Concessionary loans/There is now a taxable benefit on loans made to employees, as well as directors, of specified financial institutions where the interest on those loans is at less than market value. The taxable benefit is treated as an emolument for the purposes of income tax and is subject to PAYE regulations. Tax is not payable in respect of the purposes specified does exceed J$1.5 million.
TAX ADMINISTRATION
Returns/Husbands and wives generally file separately and must elect in writing to be jointly assessed. Such a choice is unlikely to be beneficial.
The income tax year runs from January 1 to December 31. Taxpayers normally file their returns on a calendar-year basis, but a fiscal-year basis may be approved by the Commissioner of Income Tax.
Payment of tax/There is withholding of income tax from salaries. If withholding is not possible, e. g., because the employer is not resident in Jamaica, the taxpayer will be required to make payment of estimated tax in quarterly installments.
TAX RATES
The rates shown below are applied to taxable income for 1998.
TAXABLE INCOME %
Tax on first J$ 80,496
($ 100,464 for 1999) …………………………………Nil
Tax on excess………………………………………… 25
INDIVIDUAL TAX CALCULATION
Calendar year 1998
Assumptions
Resident, non-Jamaican-domiciled married man.
Tax computation
Salary …………………………………………………………J$ 2,964,000
Car benefit(scale rate)(Note 1) …………………………………50,000
Housing accommodation-15% of $3,014,000(Note 2) ………452,100
3,466,100
Less:
National insurance contributions(social security) ……6,253
superannuation contributions……………………296,400 302,653
3,163,447
add:
bank deposit interest (net 15,000+5,000 tax withheld ) 20,000
Capital gains(exempt) …………………………………0 20,000
3,183,447
Less-Approved charitable donations……………………………3,447
Taxable income…………………………………………………… J$ 3,180,000
Tax payable:
On first 80,496………………………………0
On remaining 3,099,504 at 25%……………774,876 J$ 774,875
Less-Credit for tax deducted from local bank interest…(50,000)
Net tax payable………………………………………… J$ 769,876
Notes:
1. Assume car purchased in 1994 costing J$500,000, having under 50% private use.
2. If annual value of accommodation is greater than other emoluments, then the benefit assessed is 15% of ($3,014,000+annual value) ÷2
3. Exchange rate of the Jamaican dollar at December 31,1998:US$1=J$37.05
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