Jamaica: GCT Technical Advisory Guide
The Tax Administration of Jamaica released Advisory Guide No. 051622/01/GCT-TA covering issues affecting the time of supply as a result of the change to the 15% GCT rate.
General consumption tax (GCT) is a value-added tax (VAT) imposed on the supply of products or services within Jamaica which exceeds the annual turnover threshold and on the importation of goods into Jamaica. Currently, the annual GCT registration threshold is JMD 10 million.
The following sections are included in the guide:
- Standard time of supply regulations;
- The choice of the supply time for progressive and periodic supplies as well as hire-purchase arrangements;
- How credit notes and the motor vehicle tax credit will be affected by the lower GCT rate;
- Situations of time-of-supply contracts; and
- Insurance contract regulations under GCT.
Source: jamaicatax.gov.jm
