By the Caribbean Journal staff
Jamaica’s government is considering a bill that would create a new tax exemption to promote foreign investment in the country.
The Bill Income Tax (Amendment) Act, which was tabled in the House of Representatives this week, would exempt officers of overseas companies that establish their head offices in Jamaica from the payment of income tax.
It would cover persons who are not residents of Jamaica and who perform group head office activities, according to the bill’s Memorandum of Objects and Reasons.
“It [is] hoped that by facilitating the establishment of group head office companies in Jamaica, other companies will realize the economic benefits, including increased foreign investments, access of alternative capital providers, new markets and the creation of new jobs,” the Memorandum read.
Under the bill, a company could apply to the Minister for a certificate designating it as such a company.
Such companies would also have to have already employed 30 percent or more of its employees from among citizens of Jamaica who are resident in the country.