Jamaica Tax Revenue Up 10% in 2022

Strong Economic Growth and Tax Compliance Drive Increase

The Jamaica government collected J$2.5 trillion in tax revenue in 2022, a 10% increase over the previous year. This was due to strong economic growth and increased tax compliance.

The Jamaica economy grew by 5% in 2022, driven by growth in tourism, mining, and construction. This growth led to increased business profits and personal income, which resulted in higher tax revenue.

The government also implemented a number of measures to improve tax compliance, including stricter enforcement of tax laws and increased public awareness of the importance of paying taxes. These measures helped to increase the number of taxpayers and the amount of tax they paid.

Breakdown of Tax Revenue

The largest source of tax revenue was income tax, which accounted for 45% of total revenue. Other major sources of revenue included general consumption tax (GCT), which accounted for 25% of revenue, and special consumption tax (SCT), which accounted for 15% of revenue.

The government used the tax revenue to fund a variety of public services, including education, healthcare, and infrastructure.

Outlook for 2023

The government expects tax revenue to continue to grow in 2023, driven by continued economic growth and increased tax compliance. The government has also implemented a number of new tax measures, which are expected to further increase revenue. These measures include a new tax on digital services and a tax on sugary drinks.

The government plans to use the additional revenue to fund increased spending on public services and to reduce the national debt.