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  JUST
ARRIVE
EXEMPTIONS FOR PENSIONERS
EXEMPTIONS FOR ELDERLY PERSONS
WITHHOLDING TAX EXEMPTION
REFUND OF
WITHHOLDING TAX
TAX RATES & EXEMPTIONS
CAPITAL ALLOWANCES RATES
APPROVED INSTITUTION - SCHOOLS
APPROVED INSTITUTION - ORGANIZATIONS
UNIFORM & LAUNDRY
PENALTIES FOR INFRINGEMENT OF THE INCOME TAX ACT
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EXEMPTIONS FOR
PENSIONERS |
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As a pensioner, you are entitled to an exemption as
follows:-
-
A person receiving a
pension from a statutory pension scheme or from an approved
Superannuation Scheme will, if he is under fifty five (55) years of
age, be exempt to a maximum of $45,000.00 of pension income only.
-
If that person is fifty
five (55) years of age or over, or permanently incapacitated, he will be
exempt from tax on $45,000.00 of income from pension and any other
source.
-
In addition to the above benefits, pensioners resident
in the Island are also entitled to a tax-free amount of $120,432.
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EXEMPTIONS FOR ELDERLY PERSONS. |
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Our elderly are entitled to an age exemption as follows:
-
An individual aged sixty
five (65) years and over will be exempted from tax on $45,000 of income
from all sources in addition to the tax free amount.
(i.e. a total tax free income
of $210,432). |
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WITHHOLDING TAX
EXEMPTION |
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In the event that your projected income for the year is
below your total tax reliefs, you may apply to the Taxpayer Audit &
Assessment Department, Income Tax Operations for an exemption from
withholding tax.
Documents required for
application:
-
Taxpayer Registration Number (
TRN
)
-
Proof of age; which includes
any one (1) of the following:-
Ø Birth
Certificate
Ø National
ID
Ø Passport
Ø Driver’s
Licence
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Proof of pension(s) :
Ø
Current pension slip, stub or receipt.
-
Letter from the bank stating the amount received per month (in
currency of origin) - this is applicable to person (s) whose pension
is lodged directly into a bank account.
-
Documentary proof
of any other source of income (including interest income).
-
Name and addresses of bank(s) and all account numbers.
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REFUND OF WITHHOLDING TAX |
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If at the end of any calendar year you have paid too much tax, you may
apply to the Taxpayer Audit & Assessment Department for a refund.
Complete a Return of Income (IT05) form and submit it to the Department
along with the following documents attached.
Documents required
for application:
-
Taxpayer
Registration Number (TRN).
-
Proof of age
-
Pension slip(s)
or statement(s) for each year of claim, or letter from bank showing the
amount received per month for each year of claim.
-
Withholding tax
certificates showing total interest earned and tax deducted (if any) for
each year of claim.
-
Documentary proof
of any other source of income for each year of claim.
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top
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TAX RATES &
EXEMPTIONS |
|
Threshold (nil
rate) |
$120,432 |
|
Age exemption (over 65) |
$ 45,000 |
|
Pension exemption |
$ 45,000 |
|
Tax rate (individual) |
25% |
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top
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ASSET |
INITIAL ALLOWANCE
% |
ANNUAL ALLOWANCE % |
|
Adding Machines |
20 |
10 |
|
Bicycles |
20 |
10 |
|
Buildings - concrete
-
others
- industrial
|
20
|
2 ½
3
5 |
|
Cash Registers |
20 |
10 |
|
Compressors -electric |
20 |
10 |
|
- other
|
20 |
7 ½ |
|
Computers
* |
20 |
22 ½ |
|
Dipping Tanks |
0 |
25 |
|
Drilling Machines |
20 |
10 |
|
Dry Docks |
20 |
10 |
|
Electrical Appliances |
20 |
10 |
|
Fencing |
0 |
2 ½ |
|
Furniture & Fixtures |
20 |
10 |
|
Generators - steam |
20 |
5 |
|
Hoists & Cranes |
20 |
7 ½ |
|
Lighting Plants
- Electrical
- Other |
20
20 |
10
7 ½ |
|
Machinery & Plants |
20 |
7 ½ |
|
Motor Cycles |
12½ |
12 ½ |
|
*
Motor Vehicles - trade
+
private (cars) |
12½
0 |
12 ½
12 ½ |
|
Scales |
20 |
10 |
|
Spraying Machines
gas
other |
20
20 |
20
7 ½ |
|
Tractors (gasoline) |
20 |
20 |
|
Trailers |
20 |
10 |
|
Wells - concrete
- perforated |
0 |
2 ½
2 |
|
Wharves & Pipes
- wood
- concrete |
0 |
5
2 ½ |
*
Allowances for computers and motor vehicles are calculated on a straight-line
basis on the actual cost of the asset.
+
The annual allowance for private motor vehicles is to be computed on a deemed
cost of $3,200. No initial allowance is granted.
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Approved Institutions and Organisations established and operated
for Charitable or Educational purposes under Section 13 (1) (q) of the Income
Tax Act
Name
of Schools
Alpha Boys' School
Alvernia Preparatory
Black River Basic School
Calabar High School
Campion College
College of Agriculture Jamaica Foundation
College of Arts Science and Technology
Cornwall College
Hampton School
Hertbert Morrison Comprehensive High School
Hillel Academy
Holy Childhood High
Holy Family Primary School
Immaculate Conception High School
Immaculate Conception Preparatory
Jamaica Bible College
Jamaica College
Jamaica House Basic School
Kingston College
Kingston Technical High
Knox College
Liquanea Preparatory School
Marymout High
Mona Institute of Business
Montego Bay Basic School
Montego Bay High
Mount Alvernia High
Mount Alvernia Preparatory
Munro College
Oberlin High School
Our Lady of the Angels Preparatory
Priory High School
Ruseau's High School
Saints Peter and Paul Preparatory School
School Community Outreach Programme for Education (S.C.O.P.E)
Sandy Bay
Shortwood Teachers College
St. Hughs High
St. Aloysius Primary
St. Andrew High School for Girls
St. Cyprian's Preparatory School
St. George's College
St. Jago High
St. James Preparatory School
St. Joseph Infant
St. Joseph's Teacher College
St. Simon's Basic School
United Theological College of the West Indies
Vaz Preparatory School
Westwood High School
Wolmers High School
Wolmers Preparatory School
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Approved
Institutions and Organisations established and
operated for charitable or educational purposes under Section 13(1)(q) of the
Income Tax Act
|
Name of Organisation |
Date
Approved |
|
|
|
|
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3 D
PROJECTS LIMITED |
|
04-Jun-96 |
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4- H CLUBS |
|
|
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A.F.S.
INTERNATIONAL/INTERCULTURAL PROGRAMMES LIMITED |
|
28-Mar-88 |
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A.S.C.E.N.D. LIMITED |
|
28-Oct-88 |
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A.Z.
PRESTON LIMITED |
|
18-Aug-92 |
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ADDICTION
ALERT |
|
11-Aug-89 |
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ALCOA
MINERALS OF JAMAICA INCORPORATED EDUCATIONAL TRUST FUND |
|
28-Mar-88 |
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AMERICAN'S
WOMEN'S GROUP SOCIAL SERVICES COMMITTEE |
|
08-Feb-94 |
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AMY
MUCHETTE HOME LIMITED |
|
08-Jan-98 |
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ANANDA
MARGA JAMAICA LIMITED |
|
31-Jul-94 |
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ANDREWS
MEMORIAL HOSPITAL BUILDING FUND |
|
|
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AQUINAS
SELF-HELP FOUNDATION |
|
|
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ASSOCIATION FOR THE CONTROL OF SEXUALLY TRANSMITTED DISEASES |
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28-Mar-88 |
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ASSOCIATION OF DEVELOPMENT FINANCE INSTITUTIONS LIMITED |
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22-Jun-93 |
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ASSOCIATION OF FRIENDS OF THE JAMAICA SCHOOL OF ART LIMITED |
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23-Oct-94 |
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ASSOCIATION OF SENIOR CITIZENS CLUB LIMITED |
|
10-Jan-96 |
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BACK TO
THE BIBLE |
|
04-Jul-00 |
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BAPTIST
WOMEN'S FEDERATION |
|
|
|
BELLEVUE
HOSPITAL |
|
|
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BEST CARE
LODGE |
|
|
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BETHANY
CIRCUIT OF BAPTIST CHURCHES |
|
|
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BIBLE
SOCIETY OF THE WEST INDIES |
|
|
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BIBLE-WAY
APOSTOLIC CHURCH |
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BIG
BROTHERS OF KINGSTON |
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|
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BIG SISTER |
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|
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BIRD LIFE
JAMAICA |
|
05-Oct-00 |
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BISHOP
GIBSON HOME FOR THE AGED |
|
28-Mar-88 |
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BISHOP
SWABY POLY PROJECT FOUNDATION LIMITED |
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BOYS
BRIGADE : THE |
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BOYS TOWN |
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