Forbes –Usain Bolt among world’s richest athletes

[RichD]

Re: Forbes –Usain Bolt among world’s richest athletes

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gen</div><div class="ubbcode-body">probably depends on how many days he spends on the island </div></div>

i don't know if Jamaica tax worldwide earnings...might be jus sumtin to do wid how much is repatriated

[RichD]

Re: Forbes –Usain Bolt among world’s richest athletes

ok they do:

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">NCOME TAX ACT

<span style="font-weight: bold">The Income Tax Act provides for the imposition of a tax on the worldwide income of residents of Jamaica and on income derived from Jamaica by non-residents. </span> Income is taxable if it is referable to one of the sources listed in the statute: -

property and profits arising from property
trade, business and profession
dividends and other distributions
interest, discounts, annuities, pensions or other annual sums
employment
Capital gains and distributions paid out of capital assets are not subject to tax. A tax rate of 25% is levied on the income of individuals and 33 1/3% on that of companies. Jamaica operates a self –assessment system which requires every person who: a) is in receipt of income other than emoluments taxed at source, and b) is in receipt of income above the statutory threshold** to file a return by March 15 of the year following the year of assessment. Where such assessments are not made, or are unsatisfactory, the Commissioner of Taxpayer Audit and Assessment may assess and the Commissioner of Inland Revenue is empowered to collect. The income tax threshold (otherwise known as the ‘nil rate’) is currently $320,736.00. Effective July 2009 to December 2009. To be increased 1 January 2010 to $441,168.00</div></div>

[Gen]

Re: Forbes –Usain Bolt among world’s richest athletes

As of 2012 ( <span style="font-style: italic">how mi know dem would use the 183 days</span>)

Residents are taxed on WWI in excess of JMD 441,168. nonresidents are taxed only on jamaican sourced income.

residence-an individual is resident if he/she spends more than 183 days in ja in a tax year.

income arising from profits and gains from a trade business profession employment or vocation is subject to tax, with employment income taxed under a pay as you earn system.

flat rate of 25% is imposed on income in excess of JMD 441, 168

[evanovitch]

Re: Forbes –Usain Bolt among world’s richest athletes

the system relies on the individual reportin wat dem mek....musicians etc r prime example of whe dem haffi rely pon dem honesty....even doctor no report dem income a yaad..dat is y tax roll so short a names

Beenie had manager n lawyer n if memory serves mi right, wen he got into his mess dem did distance demself re how him taxes was being paid...if dat was not so, my apologies fi di miss memory n will correct if is not so it did go...

[j-kid]

Re: Forbes –Usain Bolt among world’s richest athletes

Whe dem ah try duh, get him kidnapped ah JA?!

[j-kid]

Re: Forbes –Usain Bolt among world’s richest athletes

Can him still get cyar insurance?

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Smaddy_Pickney</div><div class="ubbcode-body">den him fi get a nex vehicle armored so next time him crash it nuh mash up suh much </div></div>