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The government has to be careful how they tax these foreign investors for fear of losing them. Based on the the J$25m that Lee-Chin made in dividend last year from Kingston Wharves, I am estimating that he would have taken home about US$185k after tax, then he would also end up paying more tax to the IRS (if he was in the US) for foreign earnings. That's a MASSIVE tax bill which would deter any foreign investor from putting their money in Jamaica.
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Hey .. look at the bright side .... at least you're not a Liverpool fan! - Lazie 2/24/10
Paul Marin -19 is one thing, 20 is a whole other matter. It gets even worse if they win the UCL. *groan*. 
05/18/2011.MU fans naah cough, but all a unuh a vomit?-Lazie 1/11/2015 -
wouldn't be higher if he was taxed in Canada?
Infidelity does not consist in believing, or in disbelieving; it consists in professing to believe what he does not believe. Thomas PaineComment
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He is Canadian and would offset these taxes against Canadian taxes due.
It is more complex as this is a mix of corp. and personal taxes, but as there is a tax treaty between both countries, the net taxes to be paid should be about the same.
What people seem to forget here is that the repatriated dividends are TAXED in the home country!
Likely outcome is that the gross amount of dividend is added to Canadaian income, then the theoretical Candian tax is calculated, then the Jam withholding tax is duducted and the net amount due to be paid in Canada results.Comment
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US taxes are more complex. Though there is a tax treaty, the alternate minimum tax may offset some of the benefit of withholding tax reductions.Comment
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I also think the Jamaican government and the Spanish government hashed out a double tax deal last year as well so they must have been planning this for a while.- Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.
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- Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.
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33% is way too high, and I would be supportive of a 10% tax. We are sending a terrible message to potential investors.Winning means you're willing to go longer, work harder, and give more than anyone else - Vince LombardiComment
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Done."It is easier to build strong children than to repair broken men" - Frederick DouglassComment
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Is this like the bauxite levy?
BLACK LIVES MATTERComment
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So it is not a good ting fi dem fi mek money. If dem profits high, we fi tax dem to death?Winning means you're willing to go longer, work harder, and give more than anyone else - Vince LombardiComment
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Nobody is against people mekking money ... you and I have to pay taxes, why shouldn't they? Did you support Obama's stance of taxing the rich to death? Or wha good fi the goose nuh really good fi the gander?Originally posted by Hortical View Post"Jamaica's future reflects its past, having attained only one per cent annual growth over 30 years whilst neighbours have grown at five per cent." (Article)Comment
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Smaddy gwine ansa mi question?
Is this like the bauxite levy?
Thanks!
BLACK LIVES MATTERComment
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Well no. The levy was socialism, this is paying your fair share.
Hope that helps!!"It is easier to build strong children than to repair broken men" - Frederick DouglassComment
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No, that is a special tax for operating in Jamaica....just as how oil countries tax oil multinats per barrel produced in like Saudi.
This is a tax on declared dividends, just like for any Jamaican located company. You own stock in Jam? Well, if you get divds dem tax you same way....at least it was so in my time.Comment
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Ask Omar.Comment
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