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Kingston, Jamaica, April 20, 2015: Under the new Fiscal Incentives Act, better known as the Omnibus Act, the number of tourism properties eligible for tax benefits for re-investment and refurbishing has increased from 100 to some 400 entities.
“The majority of the newly eligible properties are small and medium ones that have not been eligible for decades to benefit from tax incentives for the refurbishment and improvement of their properties,” Minister of Tourism and Entertainment, Hon. Dr. Wykeham McNeill, revealed in his recent Sectoral Presentation in the House of Representatives.
Another positive development the Minister pointed out is that under the new Act other tourism sub-sectors such as transportation and attractions are now also entitled to tax relief of various kinds while under the old incentives legislation only the accommodations sub-sector benefited.
“Further, the Minister stated, “under the old regime businesses had to seek the approval of the Minister in order to receive tax benefits. Under the new law this is no longer required. Entities need only be tax compliant, licensed by the Jamaica Tourist Board (JTB) and registered with the Ministry of Tourism and Entertainment.”
Benefits under the new regime include employment tax credits lower corporate income tax, product input relief, that is relief from customs duty for raw materials and other inputs for their operation as well as favourable capital allowances.