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RESORT COTTAGES INCENTIVES  THE RESORT COTTAGES INCENTIVES ACT ARRANGEMENT OF SECTIONS RESORT COTTAGES INCENTIVES  THE RESORT COTTAGES INCENTIVES ACT ARRANGEMENT OF SECTIONS

RESORT COTTAGES INCENTIVES THE RESORT COTTAGES INCENTIVES ACT ARRANGEMENT OF SECTIONS - PDF document

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Uploaded On 2014-11-30

RESORT COTTAGES INCENTIVES THE RESORT COTTAGES INCENTIVES ACT ARRANGEMENT OF SECTIONS - PPT Presentation

Short title 2 Interpretation 3 Designation of resort cottages and groups of resort cottages 4 Designation of recognized extension 5 Application for designation 6 Amendment and revocation of designations 7 Income tax benefits 8 Dividends 9 Benefits i ID: 18791

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Act may the Resort tives) Act. this Act the context otherwise “chargeable income”, “initial assessment” have the same meanings the Income pursuant to this Act such allowance “designation” means the instrument resort cottage, resort cottages, other alteration designated as a resort cottage, extension, as the case may extension” means alteration designated means two more resort cottages as a resort cottage” means resort cottage in any means, in to any resort cottage, constructed thereafter; cottages shall, resort cottage. any designation under this section unless the 1st arrangements have as a resort cottage; and for construct- resort cottage made for the tourist trade. designation under this section may terms and the Minister identify the persons tax under the operation cottages, as the case may in relation the case than the a resort extension is proposed have beneficial under this terms and conditions tax under date on the operation tax shall such recognized than the date such designa- tion, but shall than the extension shall the Minister and shall contain plans, specifications, drawings, reports and other documents, Minister may before the expira- period amend tion made under whose behalf request relates. RESORT COTTAGES (INCENTIVES) in or in such designation any material faith and that notice in writing the satisfaction within such period as the notice shall designation should cause accordingly Minister may, he thinks cottage to such person is the operator cottage, operates tenant and shall be entitled gains arising such recognized in the The requirement referred that the person applying the permit to in that the which he in subsection tenant or resort cottage resort cottages the articles such designation cottages in granted a and general consumption into Jamaica and conditions under this import free permit is this section shall entitled, upon proper customs page is or for to the amount customs duty consumption tax which would article but such sum; after the importation into resort cottage in and on regulations made under this Act, be the date and the other than a resort cottage without the Minister: that the for the require that general consumption in the cottage shall in this Act shall from income return to the in any from making aw relatio( authorized by enter any under the such owner, operator, as the may be, in or any him, produce, records, accounts or other documents relating resort cottage; such times may specify, returns as information relating that resort cottage shall apply any false any false accounts such false such false the Income any statement conviction before thousand dollars Bedsprings, billiard appliances, pianos, apparatus and appliances, refrigerating apparatus and plated tableware, glassware, cutlery, kitchen linen. towels, and carpets. and apparatus. Water pumps. telephone equipment and appliances (not gas cooking Bath tubs, basins, toilets, showers other bathroom equipment (namely domestic commercial washers Electrical transformers Commercial vacuum cleaners. Drapery material and upholstery fabrics. Water treatment plant and include electric RESORT COTTAGES (INCENTIVES) (2) Unless, pursuant to of the Income Tax Act, the Commissioner of Taxpayer Audit and Assessment otherwise decides, income tax shall be deducted by a company which pays any dividend to its gains relieved from income tax section 7 of this Act, as if such dividend had been paid out of profits or gains within the meaning of the law relating to income tax as regards the deduction of tax by a company on the payment of a dividend by that company. (3) A company making deduction of income tax pur- suant to subsection (2) shall be deemed to be collecting income tax on behalf of the Commissioner of Inland Re- venue and shall pay to him or may direct the amount so deducted. (4) A shareholder to whom any dividend is paid out from income tax by virtue of the provisions of section 7 shall be exempt from income L.N. 165/1999. 12/1985 nt in Jamaica; or ) if he is not resident in Jamaica and is not liable to income tax in respect of Provided that the exemption from income tax created by this subsection shall not exceed, as regards the rate of the tax from which the shareholder is relieved, the rate the provisions of section 7, have been paid by the company on the profits or gains out 23/1972 S. 3 (2) (b). (5) Where a shareholder to whom a dividend is paid out of profits or gains relieved from income tax by virtue is not resident in Jamaica and is liable to income tax in respect of the dividend in the , he shall be exempt from so [The inclusion of this page is authorized by L.N. 3/2001] dividend- not resident RESORT COTTAGES (INCENTIIVES) Unless, pursuant L.N. Audit and RESORT COTTAGES (INCENTIIVES) Unless, pursuant L.N. Assessment otherwise decides, income tax shall 165'1999 be deducted company which pays relieved from income tax virtue of the of this such dividend out of meaning of income tax company on of a company making deduction be collecting tax on Commissioner of Inland 12119s5 venue and shall pay to him or to such other person as he sch. whom any dividend gains relieved from income tax virtue of provisions of section shall be exempt from income dividend- not resident not liable such dividend which he is Provided that exemption from income subsection shall not exceed, rate of tax from the rate S.3(2)(b). tax which would, but for have been company on profits or gains out of from income of the not resident respect of he is he shall be exempt from from inclusion of this page is authorized 87120041 RESORT COiTAGES (INCENTNES) S. 64. 6ee articles and group. in accordance with of such permit therein free customs duty general consumption as the The Minister order vary 10.-41) Every article imported duty under shall be marked with such mark and in such manner Commissioner of time being tenant or operator a resort with articles which imported into Jamaica fiee customs duty general consumption shall- such form and containing such as the from time require in relation person authorized inspect such record have premises under may be, such articles which satisfying himself the particulars such articles contained in such record. article imported into Jamaica general consumption tax under purpose other satisfied under that section that it would used, nor sold, given away otherwise disposed of- [le this page is authorized 87120041 RESORT COiTAGES (INCENTNES) S. 64. 6ee articles and group. in accordance with of such permit therein free customs duty general consumption as the The Minister order vary 10.-41) Every article imported duty under shall be marked with such mark and in such manner Commissioner of time being tenant or operator a resort with articles which imported into Jamaica fiee customs duty general consumption shall- such form and containing such as the from time require in relation person authorized inspect such record have premises under may be, such articles which satisfying himself the particulars such articles contained in such record. article imported into Jamaica general consumption tax under purpose other satisfied under that section that it would used, nor sold, given away otherwise disposed of- [le this page is authorized 87120041 RESORT COTTAGES (aVCENTmS) unless prior permission the Minister thereof for such other purpose sale, gift other disposal; before such sale, gift other disposal customs duty or general consumption of this satisfaction of the of Customs such sum; after the five years from the shall, except in such and on during the period between the date of the designation the relevant concession period for other than a resort cottage approval of that the a condition grant of sums or, would have been general consumption the importation such resort exempt- person who enjoys relief from income complying with the law other respects liability, if income tax; 64. L.N. 16311999. [The inclusion of this page is authorized by L.N. 87/2004] RESORT COTTAGES (aVCENTmS) unless prior permission the Minister thereof for such other purpose sale, gift other disposal; before such sale, gift other disposal customs duty or general consumption of this satisfaction of the of Customs such sum; after the five years from the shall, except in such and on during the period between the date of the designation the relevant concession period for other than a resort cottage approval of that the a condition grant of sums or, would have been general consumption the importation such resort exempt- person who enjoys relief from income complying with the law other respects liability, if income tax; 64. L.N. 16311999. [The inclusion of this page is authorized by L.N. 87/2004]