What is the Omnibus Incentives Legislation?

What is the Omnibus Incentives Legislation?

The Omnibus Incentives Legislation refers to the slate of four new pieces of legislation that provide non-sectoral fiscal incentives aimed at increasing business competitiveness within the Jamaican economy. This new framework will replace the long-standing or “legacy” incentives, as well as, remove the necessity for discretionary waivers, thus increasing transparency and fairness in the process of granting incentives.  

 Specifically, the Omnibus Incentives Legislation will provide fiscal incentives via:

  • Reduced customs duty and additional stamp duty rates
  • Reduced corporate income tax rates

The Omnibus Incentives Legislation forms a major component of the country’s overall tax reform process.