As part of the Tax reform measure to bring taxpayers into the net , the Minimum Business Tax (MBT) was implemented under  The Provisional Collection of Tax (Minimum Business Tax) Order, 2014, which was issued on March 31,  This imposes a Minimum Business Tax of $60,000. per annum on certain companies and individuals in business.
Who is required to pay MBT?
 1. Companies or other corporate bodies incorporated or registered in Jamaica under the:
     a. Companies Act (This includes overseas companies);
     b. Building Societies Act;
     c. Friendly Societies Act; and
     d. Industrial and Provident Societies Act.
 Only organizations registered under the Charities Act, 2013 will be exempt from MBT.
There is no exemption for  Dormant , Loss making entities nor Income tax exempt entities, other than a charitable organization.
2. . Individuals operating a trade, profession, vocation or business, with “gross revenue” equal to or greater than $3 million for the year of assessment
The first installment in the amount of $30,000 is due on June 15, 2014 and it seems that there will be no pro-rating for the 2014 calendar year even though the MBT became effective on April 1, 2014.

Read our May 2014 newsletter for additional detail