As an Attorney practicing Real Estate Law, I was pleasantly surprised by the Revenue Measures for the 2019/20 fiscal year announced by Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke on March 7,2019.
My article this week will look explicitly at the imminent changes regarding the reduction in fees for stamp duty and transfer taxes, that are slated to take effect as of April 1, 2019. To reiterate, the following are the proposed adjustments:
Continue reading New Tax Amendments: Now is the time to buy/ sell Real Estate
The saying usually goes “when yuh dead yuh dun” and in many cases this is true because a dead man knows nothing, and a dead person cannot do anything, but when it comes to taxes, the saying can be written “death and taxes go hand in hand”.
This saying is relevant in Jamaica because when a deceased person owns properties and other assets, the transfer of said assets to loved ones will require the payment of death duties to the Government. Some persons may say that this law is unfair and uncalled for, but in reality, it is a way for the Government to regulate how properties are being transferred.
Continue reading Death and Taxes Go Hand-in-Hand: The Payment of Death Duties