Jamaica has introduced a new Minimum Business Tax (MBT) to improve tax compliance in the country. The MBT went into effect on April 1st, 2014 and is levied on companies registered under the Companies Act, the Building Societies Act, the Friendly Societies Act, and The Industrial and Provident Societies Act. It is also levied on individuals engaged in a trade, profession, vocation or business with annual gross revenue exceeding JMD 3 million.
The tax is a flat tax of JMD 60,000 paid in two equa…