New Tax Incentives Announced for SME Exporters
Jamaica's Ministry of Finance unveils new tax breaks for SME exporters: 50% corporate income tax cut & duty-free machinery imports to boost exports to CARICOM & North America.
The Ministry of Finance has unveiled a new suite of tax breaks aimed at boosting the export capacity of Small and Medium-sized Enterprises (SMEs) across Jamaica.
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Boosting Global Competitiveness
Under the new framework, manufacturing and agricultural SMEs that export more than 30% of their output will qualify for a 50% reduction in corporate income tax for the next three years, plus duty-free importation on critical machinery.
The initiative is designed to shrink Jamaica's trade deficit by encouraging local producers to tap into the lucrative CARICOM and North American markets.
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