The reduction in the standard rate of General Consumption Tax (GCT) payable in respect to taxable goods and services is now in effect.
The reduction, which was announced in the recent Budget Debate by Minister of Finance Dr Nigel Clarke, will see Jamaica paying 15 per cent for GCT, down from 16.5 per cent.
The new GCT rate was published in the Jamaica Gazette dated March 30, 2020, titled The Provisional Collection of Tax (General Consumption Tax) Order 2020