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  • Income - Tax - Rates - Thresholds - and - Exemption - 2003 - 2022

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    Derrick Walker
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    This document summarizes income tax rates, thresholds, and exemptions in Jamaica from 2003 to 2022. Key points include: - The income tax rate was consistently 25% from 2003 to 2013, and then a tiered system with rates from 25% to 35% was introduced in 2010. From 2016 onward, a 30% rate applied to income over $6 million yearly or $500,000 monthly. - The individual income threshold, below which no tax is paid, increased over time from $120,432 in 2003 to $1,500,096 in 2018-2022. - Additional exemptions and reliefs were provided for individuals over 65, pensioners under 65, and pensioners over

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    Tax rates

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    Income_Tax_Rates_Thresholds_and_Exemption_2003 _2022

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    This document summarizes income tax rates, thresholds, and exemptions in Jamaica from 2003 to 2022. Key points include: - The income tax rate was consistently 25% from 2003 to 2013, and then a tiered system with rates from 25% to 35% was introduced in 2010. From 2016 onward, a 30% rate applied to income over $6 million yearly or $500,000 monthly. - The individual income threshold, below which no tax is paid, increased over time from $120,432 in 2003 to $1,500,096 in 2018-2022. - Additional exemptions and reliefs were provided for individuals over 65, pensioners under 65, and pensioners over

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    © All Rights Reserved
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    3 views1 page

    Income - Tax - Rates - Thresholds - and - Exemption - 2003 - 2022

    Uploaded by

    Derrick Walker
    This document summarizes income tax rates, thresholds, and exemptions in Jamaica from 2003 to 2022. Key points include: - The income tax rate was consistently 25% from 2003 to 2013, and then a tiered system with rates from 25% to 35% was introduced in 2010. From 2016 onward, a 30% rate applied to income over $6 million yearly or $500,000 monthly. - The individual income threshold, below which no tax is paid, increased over time from $120,432 in 2003 to $1,500,096 in 2018-2022. - Additional exemptions and reliefs were provided for individuals over 65, pensioners under 65, and pensioners over

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    © All Rights Reserved
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    INCOME TAX RATES, THRESHOLDS AND EXEMPTIONS 2003-2022

    YEAR OF 2003/4 2005 2006/7 2008 2009 2010 * 2011/12 2013/14 2015 2016** 2017** 2018-22**
    ASSESSMENT
    RATE OF 25% 25% 25% 25% 25% 25%, 27.5% 25% 25% 25% 25% & 25% & 25% &
    INCOME TAX & 35% 30% 30% 30%
    INDIVIDUAL 120,432 144,768 193,440 196,872 270,504 441,168 441,168 507,312 557,232 796,536 1,375,140 1,500,096
    THRESHOLD

    OTHER
    EXEMPTIONS:
    INDIVIDUALS 120,432 144,768 193,440 196,872 270,504 441,168 441,168 507,312 557,232 796,536 1,375,140 1,500,096
    OVER 65 but not
    a Pensioner
    AGE RELIEF 45,000 45,000 45,000 45,000 62,500 80,000 80,000 80,000 80,000 80,000 80,000 80,000

    165,432 189,768 238,440 241,872 333,004 521,168 521,168 587,312 637,232 876,616 1,455,140 1,580,096

    PENSIONERS 120,432 144,768 193,440 196,872 270,504 441,168 441,168 507,312 557,232 796,536 1,375,140 1,500,096
    UNDER 65
    PENSIONERS' 45,000 45,000 45,000 45,000 62,500 80,000 80,000 80,000 80,000 80,000 80,000 80,000
    RELIEF
    165,432 189,768 238,440 241,872 333,004 521,168 521,168 587,312 637,232 876,616 1,455,140 1,580,096

    PENSIONERS 120,432 144,768 193,440 196,872 270,504 441,168 441,168 507,312 557,232 796,536 1,375,140 1,500,096
    OVER 65
    AGE RELIEF 45,000 45,000 45,000 45,000 62,500 80,000 80,000 80,000 80,000 80,000 80,000 80,000
    PENSIONERS' 45,000 45,000 45,000 45,000 62,500 80,000 80,000 80,000 80,000 80,000 80,000 80,000
    RELIEF
    210,432 234,768 283,440 286,872 395,504 601,168 601,168 667,312 717,232 956,536 1,535,140 1,660,096
    NOTE: *Year of Assessment 2010- income tax rates applicable to statutory income above the threshold up to 5,000,000 (25%), $5,000,001-$10,000,000 (27.5%), $10,000,001 and over (35%)
    ** Years of Assessment 2016 and onwards, statutory income above the threshold up to $6,000,000 (25%), Income in excess of $6,000,000 yearly and $500,000 monthly (30%)
    “Statutory Income” is Gross Income less all allowable deductions and exemption
    “Individual threshold” is the portion of statutory income on which no tax is paid

    For further information contact: 888-TAX-HELP (888-829-4357) or visit us on: Email:taxhelp@taj.gov.jm I website:www.jamaicatax.gov.jm I Facebook:www.facebook.com/jamaicatax I Twitter:@jamaicatax

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