On 12 March 2015, Jamaica's Minister of Finance and Planning Peter Phillips presented the revenue measures for the Fiscal Year 2015/16. The main tax related measures are summarized as follows.
Life Insurance Company Tax Regime
The life insurance company tax regime will be amended, with changes including:
- The asset tax rate will be reduced from 1% to 0.25% in line with the asset tax rate for financial institutions,
- The Gross Premium Tax (3%) and the Net Investment Income Tax (15%) will be…