SEE THE MEASURES BELOW:
1. Increase in the Annual General Consumption Tax (GCT) Threshold
The GCT threshold was last increased in 2009 to $3 million, up from $1 million. It is proposed to increase the threshold to $10 million, up from the current $3 million.
*The potential revenue loss is J$0.731 billion. The effective date for implementation is April 1, 2019.
2. Reform of the Stamp Duty
a) All ad valorem stamp duty rates to be abolished and replaced with a specific flat rate stamp duty of $5,000 per document.
*The potential revenue loss is J$6.650 billion. The effective date for implementation is April 1, 2019.
3. Reduction of the transfer tax payable on the transfer of real property and financial instruments
The transfer tax will be cut from five per cent to two per cent.
*The potential revenue loss is J$3.431 billion. The effective date for implementation is April 1, 2019.
4. Increase in the threshold of the transfer tax applicable to the estate of deceased persons
This threshold is to be increased from the current $100,000 to $10 million at a rate of 1.5 per cent.
*The potential revenue loss is $0.287 billion. The effective date for implementation is April 1, 2019.
5. Abolition of the minimum business tax
The minimum business tax of $60,000 a year is payable by all registered companies in two equal instalments of $30,000 due on the 15th June and 15th September annually.
*The potential revenue loss is $1.093 billion. The effective date for implementation is the year of assessment 2019.
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