Gov't Tables Bill To Exempt Some Foreigners From P

[evanovitch]

Gov't Tables Bill To Exempt Some Foreigners From Paying Income Tax


Published: Tuesday September 18, 2012 | 4:12 pmComments 0
Daraine Luton, Senior Staff Reporter

The Government has tabled a bill in Parliament which seeks to exempt persons, who are not residents of Jamaica and who perform prescribed operations in the country, from the payment of income tax.

The move to amend the Income Tax Act is part of the Government's move to grow foreign investment in Jamaica.

"It is hoped that, by facilitating the establishment of group head office companies in Jamaica, other companies will realise the economic benefits, including increased foreign investments, access of alternative capital providers, new markets and the creation of new jobs," the Memorandum of Objects and Reasons of the bill states.

The bill, which was laid today, outlines the activities which a company or other corporate body that operates in Jamaica must perform to qualify for group head office status.

The activities outlined are the supervision, management or monitoring or the operations of the company; accounting, data processing, engineering and other technical support; and centralised treasury management and similar funding activities.

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[Blackstar*]

Re: Gov't Tables Bill To Exempt Some Foreigners From P

Good grief!

[Marielle]

Re: Gov't Tables Bill To Exempt Some Foreigners From P

Good grief indeed.. These people will be using the roads, airports and other amenities in Jamaica I presume...

[evanovitch]

Re: Gov't Tables Bill To Exempt Some Foreigners From P

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Marielle</div><div class="ubbcode-body">Good grief indeed.. These people will be using the roads, airports and other amenities in Jamaica I presume... </div></div>

the roads, airports and amenities 'these people' will be using don't belong to Jamaica...the road tolls go to who build di road...the airport run by outsiders so dere money follow dem home...n the hotels ,well we done know....but to correct a misthinking, this is for investors, not tourists...so we will become a tax haven where people have an office somewhere but no real work or employment done...ships will fly Jamaican flags because dem is registered in Jamaica but that is all...the list is long as to the breaks....it will do nothing to the fact that Jamaica's debt repayment is currently 137% of Ja's GDP

[RichD]

Re: Gov't Tables Bill To Exempt Some Foreigners From P

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: evanovitch</div><div class="ubbcode-body">....the fact that Jamaica's debt repayment is currently 137% of Ja's GDP </div></div>


i'm not sure that this is correctly stated

[evanovitch]

Re: Gov't Tables Bill To Exempt Some Foreigners From P

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: evanovitch</div><div class="ubbcode-body">....the fact that Jamaica's debt repayment is currently 137% of Ja's GDP </div></div>


i'm not sure that this is correctly stated </div></div>

Jamaica-s-Debt-to-GDP-Ratio-....anyhow u phrase it the IMF says it will not go over 150%...currently it stands at 137 % wich means we owe more than we bring in

[RichD]

Re: Gov't Tables Bill To Exempt Some Foreigners From P

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: evanovitch</div><div class="ubbcode-body">
Jamaica-s-Debt-to-GDP-Ratio-....anyhow u phrase it the IMF says it should not go over 150%...currently it stands at 137 % wich means we owe more than we bring in </div></div>

we owe way more that we bring in

GDP is not revenue

Take a look at the budget. the Total national debt is about 4 ties the Gov revenue.

a more important figure is the budget deficit and the portion of the budget that is used to service debt.

the US national debt is getting close the the same ratio as Jamaica

[evanovitch]

Re: Gov't Tables Bill To Exempt Some Foreigners From P

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: evanovitch</div><div class="ubbcode-body">
Jamaica-s-Debt-to-GDP-Ratio-....anyhow u phrase it the IMF says it should not go over 150%...currently it stands at 137 % wich means we owe more than we bring in </div></div>

we owe way more that we bring in

GDP is not revenue

Take a look at the budget. the Total national debt is about 4 ties the Gov revenue.

a more important figure is the budget deficit and the portion of the budget that is used to service debt.

the US national debt is getting close the the same ratio as Jamaica </div></div>

GDP is revenue since is wat we create, produce etc n exchange fi hard cash, I.e. revenue...dat is y it has been a matter of joking by people like me dat Remittance is counted as GDP....anyway u look at it we r thoroughly shegged yet we spent 1 million pound sterling wid some 470k of dat to smaddy in London fi rented space etc wile ministers tweeted how dem did a &quot;shell&quot; dung club...todate there has been no show of wat was spent fi wat or wat agreements of bizniz were signed off on n NOW to top all absurdities, lawyer a advise PM dat she can claim diplomatic immunity in har own country fi avoid finally answereing bout di Trigura mess

[RichD]

Re: Gov't Tables Bill To Exempt Some Foreigners From P

my definition of what is revenue and your are quite different.

to me revenue is what the government take into it's coffers to fix road and support schools and hospitals etc. and since gov have a hard time collecting taxes GDP and revenue is jus loosely related.

[evanovitch]

Re: Gov't Tables Bill To Exempt Some Foreigners From P

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body"> my definition of what is revenue and your are quite different.

to me revenue is what the government take into it's coffers to fix road and support schools and hospitals etc. and since gov have a hard time collecting taxes GDP and revenue is jus loosely related. </div></div>

that wich is produced is sold n income is derived..if is from govament owned entity it is supposedly immediate..if is from private ,well it is the taxes...as u say taxes no collect a yaad more dan so...yet we gwine to exempt those who can really pay...we trying a second time to get people to pay traffic fines but we a leggo real money from real money player

[RichD]

Re: Gov't Tables Bill To Exempt Some Foreigners From P

revenue is derived if is taxable not all is taxable

since i hear that tax compliance in jamaica is in the 50 % range and gov revenue is a bit under 4 billion i would estimate that the taxable portion of GDP is around 7.5 billion or just about half of the reported GDP