3 Jamaican TAXES for business owners

Business in Jamaica is hard enough by itself but we also need to navigate the different TAXES as they come along. Today I will be going over three different tax types that you need to pay as a business owner in Jamaica.
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Disclaimer: All views expressed here are my personal opinions, and intended for educational purposes only.

[@PrettyOlShannon]

Could you do a vid on filing taxes for small businesses that are owned and controlled by one person please?

[@amoyag9202]

True. The penalty is $70000 because I didn't know I was supposed to file the ZERO. Please no one advised that I needed to pay the estimated amount even though the business did not start and once I completed the filing for the end of year it would be refunded to me. I had to pay a penalty.

[@fdrngm266]

Lol I already liked the video before I watched it but the GCT drop thou 😏

[@JamieRadcliffe1]

Thanks fam 🙏

[@kmdunruly]

Blessing up on the information
Another Wednesday another lesson 🙏🏾

[@JamieRadcliffe1]

Up

[@marvined330]

Love this info bro

[@juancarlosquevedolusson351]

Hi Jamie, great video, very informative, Kudos! I have a question, and I don't know if it is covered in any of your videos. As a business owner, in Jamaica, how do you pay to yourself? I know you can take a salary or get business drawings, but, how u pay the taxes on that "business drawings"?

[@oshanewilliams8865]

This video was extremely useful.

[@sherikamcleodjohnson763]

Really important info, thanks Jamie

[@JamieRadcliffe1]

Glad it was helpful!

[@bishop388]

Informative as usual👍🏾

[@JamieRadcliffe1]

Appreciate that

[@dwaynemiller1063]

Good information respect.

[@hydrocarbon8658]

Taxes is a very large expense enuh . And I couldn't agree more. The average person in a developed country spends 25-35 percent of their life working to pay taxes great vid its good to know the different taxes an it will be helpful when im starting my business

[@JamieRadcliffe1]

Learn as much so when the business start you can put it into play 👍

[@ianbennett1186]

Very informative Jamie!

[@JamieRadcliffe1]

Thanks 👍

[@ShannyMuffin]

Information on point!! 👍👍

[@JamieRadcliffe1]

Thanks 👌

[@stevenzamora3266]

Do you have any video on how to enter the TAJ and how the gct return is presented?

[@cb5151]

good job sir

[@micahmchayle5175]

CCC - Caribbean Cement Company trading around $57.50

[@caddinehewitt4234]

Some really information there thank you

[@davidfoote3431]

Blessings

[@shanda360]

Wow, this is quality content! Mi know seh GCT reduce to 15% man but as you say it affects consumers so yuh nuh see a big difference, lol. Yes $19.50 so $20 when you round it off..mi no really get the offset part because I would imagine that you would 'save' $5 ($20-$15)
Dat will neva happen, you will neva live fi see TAJ owe yuh dwl
CCC: Caribbean Cement Company Ltd.

[@JamieRadcliffe1]

No the ofset is what you pay to tax office at the end of the month so the 5 would bee paid to TAJ

[@orentiahcharlton604]

Very informative information 👍

[@JamieRadcliffe1]

Glad you think so!

[@sm_beauty_care4150]

👍

[@mariahhov]

Hi There, I am thinking about setting up a tourist hovercraft ride in Jamaica, what are the Tax implications?

[@leonchristinabuckle154]

Do you have to withdrawn payroll deductions? Even if it's a small sole trader business with 2 employees?

[@todaysreality1575]

How would taxes be for entrepreneurs who trades US and international financial assets?

[@Unknown-gx2gu]

Well done

[@JamieRadcliffe1]

Thanks 🙏

[@richardrhoden7445]

Hi can u do a video on how pay small business back taxes

[@hongame_5694]

ticker symbol: CCC- Caribbean Cement Compay Group

[@JamieRadcliffe1]

👌

[@sexyblingable]

Can you do a video on contractors levy?

[@Shanoyabryan]

😂😂 it’s either me owe you or you owe me 😂😂😂😂😂😂

[@jochainbrown]

Does farmers pay tax ?

[@bgentsja6762]

Caribbean Cement Company. Question - for record labels - how does the taxes work on that?

[@JamieRadcliffe1]

Well taxes really work one way if so you would need to file Income tax and payroll taxes depending on the class of employees that you have. GCT would more be on the service offered so if you get paid to use the studio GCT should be on it if you are registered

[@kelle999]

CCC - Caribbean Cement Company Limited

[@JamieRadcliffe1]

👌

[@4evahodlingdoge226]

These high taxes aren't good for our economy. Government should greatly reduce tax all around and learn to manage the $ they do receive better.

[@TheTravellingGuru-fj7gw]

basically it a say dont file any... work under the table because once you start you na go able fi stop. Noted

[@michellesmall76]

Love this.... very informative ... recent subbie.... please come back and make videos... this channel has the potential to go far...

[@curiouscat9726]

CCC Caribbean Cement Company limited

[@JamieRadcliffe1]

👌

[@DaVictorRecords]

Good day, just need a little clarification. A company does not have to register for GCT no matter there earnings?

[@JamieRadcliffe1]

Once you are earning over 10M gross you are required to register for GCT

[@traderzrlt4233]

Blessings I would like some info. I am a fired trader and get all my funds from overseas. Do I need to pay any taxes in Jamaica because taxes are paid overseas by the broker.

[@melanindelight3210]

excellent question. I would like to know the same thing.

[@jonielglave1483]

What if you don’t have any employees and wasn’t keeping receipt

[@shannonmcleish31]

I want to reseter my plumbing business but i want to talk to you about the business can I meet you and sit and talk

[@hydrocarbon8658]

Ticker CCC-Caribbean Cement Company

[@JamieRadcliffe1]

👌

[@Aleciaism]

Thanks for sharing; very informative

[@JamieRadcliffe1]

My pleasure

[@DaVictorRecords]

Also is the estimated income tax filing mandatory?

[@JamieRadcliffe1]

Yes you have to file once you do the prior year filing

[@shemii1014]

CCC- Caribbean Cement Company Ltd

[@JamieRadcliffe1]

👌

[@hongame_5694]

Friday the 13th is considered an unlucky day in Western superstition

[@JamieRadcliffe1]

😪 Can manage no bad luck right now

[@Latanya-eq2hz]

If i am an online small business. DOES any of this apply to me lol i am lost

[@JamieRadcliffe1]

Well once you are doing business in Jamaica you are required to pay taxes

[@chanekagooden440]

If I have a business and I register it do I pay tax?

[@JamieRadcliffe1]

Yes you should

[@chanekagooden440]

How do they charge you? They give you a set amount to pay?

[@JamieRadcliffe1]

Its about 25% of how much u make after you take out expenses

[@Journeyto160]

Ccc

[@marcellomatthie2657]

Friday the 13th is considered an unlucky/ bad luck day.

[@JamieRadcliffe1]

🤦‍♂️ Ohh

[@madmaxxxx876]

CCC is CARIBBEAN CEMENT COMPANY LTD.

[@JamieRadcliffe1]

👌

[@tedars68]

GCT drop

[@JamieRadcliffe1]

Yes from early this year

[@zadajames9071]

Income tax is 25%? My God!

[@JamieRadcliffe1]

😂😂

[@aldeenmorris1669]

CARIBBEAN CEMENT COMPANY LTD. (CCC)

[@JamieRadcliffe1]

👌

[@worldsounds6707]

This tax thing sound stressing asf

[@JamieRadcliffe1]

😂😂 Get a pro to help

[@warren-cga]

Why bother do business in Jamaica

[@dwaynemiller1063]

Good information respect.