Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill (second right), is greeted by President and Chief Executive Officer, Sagicor Group Jamaica Limited, Christopher Zacca (left), during the Jamaica Manufacturers and Exporters Association (JMEA) Manufacture 360° Conference, at the AC Marriott Hotel in St. Andrew on May 29. Observing (from second left) are: President, Jamaica Manufacturers and Exporters Association (JMEA), Sydney Thwaites and Executive Director, JMEA, Kamesha Blake.
Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, is urging manufacturers to take advantage of the Government’s Productive Input Relief Programme, which facilitates duty-free importation of specific items intended for productive use.
“It’s not just for the big man; it’s for everybody who is going to manufacture, so we are encouraging manufacturers of all sizes to get into the business, and it is out of those operations that innovation comes,” the Minister said.
“In the last year, under the Productive Input Relief for the materials, we gave back equivalent of about $78 billion, and in 2021 that figure was $109 billion. If you are thinking of manufacturing, set up your company, come to the Ministry of Industry [Investment and Commerce] and we will help you to ensure that you have that benefit through Customs to build your business,” he said.
The Minister was addressing the Jamaica Manufacturers and Exporters Association (JMEA) Manufacture 360° Conference at the AC Marriott Hotel in St. Andrew, on May 29.
The conference was held under the theme ‘Shaping the Future of Jamaican Manufacturing from All Angles’.
Through the Productive Input Relief Programme, the Government has targeted specific sectors – agriculture, manufacturing, tourism, healthcare, and the creative industries – which are being leveraged to promote and stimulate economic growth.
The relief provision is intended to spur an expansion of productive activities in these areas.
Companies operating in Jamaica can benefit from wide-ranging incentives, which are applied at two main stages – import duty and income tax relief.
These incorporate, among other things, relief on Customs Import Duties, normally charged when importing goods into the country; additional Stamp Duties, usually applied at the port on certain products; and Corporate Income Tax, generally levied on the profit income of businesses.
Source: JIS
