While the impact of the world’s seven richest countries (G-7) commitment to a 15 per cent global minimum corporate income tax (CIT) rate is still being assessed, it has been said that Jamaica will be less affected than its Eastern Caribbean neighbours including Barbados, the Cayman Islands, British Virgin Islands and Bermuda.
The global minimum CIT, if implemented would require a corporation from a country which implements this floor of 15 per cent (the “home country”) to pay taxes on its profits at this particular rate, even if those profits are declared overseas, such as in a lower-tax jurisdiction.
Jamaica’s tax and auditing expert Dr Dawkins Brown admitted that there are some positive spinoffs from the G-7 global minimum 15 per cent CIT, which Jamaica can exploit.
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