Jamaica’s Finance Minister Fayval Williams announced a JMD 1.26 trillion budget for 2025-26 on Tuesday, 11 March 2025.
The Minister explained that the 2025/26 budget will be funded by JMD 949.5 billion in tax revenues, JMD 139.8 billion in non-tax revenues, JMD 812 million from the bauxite levy, and JMD 5.96 billion in grants.
The key tax measures are as follows:
Withholding tax
The dividend withholding tax on individuals and non-resident companies has been reduced from 25% to 33.5% to 15%.
GCT registration threshold
The general consumption tax (GCT) registration threshold has been increased from JMD 10 million to JMD 15 million over 12 months.
Capital allowances for investments
The 2025-26 budget proposes accelerated capital allowances for investments in industrial buildings, machinery, equipment, and IT in 2025 and 2026.
Personal income tax threshold
The personal income tax threshold for both employed and self-employed individuals will be increased over three years from JMD 1,700,088 to JMD 2,003,496.
