KINGSTON, Jamaica – A revised Income Tax Relief Act that gives incentives to investments of US$1 billion or more, is expected to be tabled in Parliament by the next March, according to Minister of Finance and the Public Service, Dr. Nigel Clarke.
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; but we’re going to do it in a transparent way. [What] we are saying to you [is], if you have US$1 billion to invest, Jamaica is the place, and we’re going to make you feel welcome,” he told investors at the Invest Jamaica 2022 Business Conference which ended on Wednesday.
Dr. Clarke said the Act and the accompanying regulations outline what the criteria are, adding that “anyone, Jamaican, or Latin American, European, African, Asian, North American, who meets those criteria will benefit”.
He said consequent on the fact that “what we are going to be giving up will be so significant”, the Act requires that “we lay it out… in Parliament, so everybody is aware” and that “we count the cost to ensure that this is consistent with our framework, going forward, of fiscal and debt sustainability”.
“We will have a cap on the maximum amount outstanding at any point in time, which gives an incentive to the billion-dollar investors to get in early,” the Minister indicated.
Dr. Clarke advised that the Government already has, in the pipeline, investors who are committed to that level of investment.