Revised Income Tax Relief Act to Facilitate Incentives for US Billion-Dollar Investments  

 

• A revised Income Tax Relief (Large Scale Project and Pioneer Industries) Act, 2014, that incentivises investments of US$1 billion or more, is expected to be tabled in Parliament by the end of the fiscal year 2022/23, next March.
• This was disclosed by the Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, while speaking during the Invest Jamaica 2022 Business Conference at the Montego Bay Convention Centre in Rose Hall, St James, on Tuesday (November 29).
• He said the new regime is designed to create a transparent and automatic fiscal incentive framework, which will appeal to local or foreign investors.
• “That amended Act will have some provisions in it that allow us to offer investors who are making that kind of commitment to Jamaica, with a minimum level of jobs created, certain benefits,” he told investors.

(Source: JIS)