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 just dropped a fresh set of tax breaks, and they're aiming straight at helping our Small and Medium-sized Enterprises (SMEs) sell more stuff overseas.
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Boosting Global Competitiveness
So here's how it works. If you're a manufacturing or agricultural SME and you're exporting more than 30% of what you produce, you're in luck. You'll get a solid 50% cut on your corporate income tax for the next three years. Plus, you can bring in critical machinery duty-free.
The whole idea is to chip away at Jamaica's trade deficit. They want to get local producers fired up to go after those sweet, sweet CARICOM and North American markets.
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