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THE CABINET has decided to amend the Income Tax Act to give relief to entities which establish their group headquarters in downtown Kingston.
Details of the changes have not yet been released, but minister with responsibility for information Senator Arthur Williams told the weekly post cabinet media briefing that the amendments will make it more attractive for businesses which establish their group headquarters in the Special Development Area in downtown.
"You may recall that in September of 2009, Cabinet decided on initiatives to revive downtown Kingston. These took the form of amendments to the Urban Renewal Tax Relief Act and those amendments were passed into law effective December 31, 2010," Williams said.
"The provisions regarding group headquarters require amendments to the Income Tax Act and therefore Cabinet approved the amendments," added Williams.
Already persons who set up shop in downtown Kingston can benefit from a tax-incentive programme, which includes 33.3 per cent tax credit on capital sums invested in developments.
Approved developers can also enjoy full relief from tax on any rental or lease income from improved property and exemption from transfer tax and stamp duty.
But with entities such as Digicel and the Guardsman Group establishing their group headquarters in downtown Kingston the proposed changes to Income Tax Act are being designed to give them a further break
Details of the changes have not yet been released, but minister with responsibility for information Senator Arthur Williams told the weekly post cabinet media briefing that the amendments will make it more attractive for businesses which establish their group headquarters in the Special Development Area in downtown.
"You may recall that in September of 2009, Cabinet decided on initiatives to revive downtown Kingston. These took the form of amendments to the Urban Renewal Tax Relief Act and those amendments were passed into law effective December 31, 2010," Williams said.
"The provisions regarding group headquarters require amendments to the Income Tax Act and therefore Cabinet approved the amendments," added Williams.
Already persons who set up shop in downtown Kingston can benefit from a tax-incentive programme, which includes 33.3 per cent tax credit on capital sums invested in developments.
Approved developers can also enjoy full relief from tax on any rental or lease income from improved property and exemption from transfer tax and stamp duty.
But with entities such as Digicel and the Guardsman Group establishing their group headquarters in downtown Kingston the proposed changes to Income Tax Act are being designed to give them a further break