The Capital Allowance Regime in Jamaica plays a pivotal role in the nation’s income tax framework, allowing businesses to recover costs incurred from investments in specified assets. This regime underwent significant reform with the implementation of the Fiscal Incentives (Miscellaneous Provisions) Act, effective January 1, 2014, which amended the First Schedule of the Income Tax...
Bauxite and Alumina Industries (Encouragement) Act – Section 4(1) of this Act stipulates that no customs duty or other similar impost or general consumption tax shall be payable in respect of the importation into Jamaica by any recognized bauxite producer of certain articles necessary for the production and transportation of bauxite. This exemption extends to...
The famous statement by Lord Denning, “The auditor is a watchdog and not a bloodhound,” has long been a cornerstone in the philosophy of auditing. For decades, this phrase has shaped how auditors perceive their role and how society expects them to function. But with the rapid changes in the business world, from technological advancements...
In today’s interconnected digital world, small and medium-sized enterprises (SMEs) are increasingly at risk of cyberattacks. Once considered targets of lesser interest, SMEs are now squarely in the crosshairs of cybercriminals. A recent high-profile incident involving a UK delivery company, Knights of Old, highlights the dire consequences of ransomware attacks. The company was left financially...
Revenue recognition is a cornerstone of financial reporting, directly impacting how businesses present their performance to stakeholders. The introduction of International Financial Reporting Standard (IFRS) 15, Revenue from Contracts with Customers, represents a significant shift in the global financial reporting landscape. Designed to standardize revenue recognition practices across industries, IFRS 15 has redefined how organizations...
Since its implementation in January 2018, the International Financial Reporting Standard 9 (IFRS 9) has had a profound impact on financial reporting across the globe. Replacing IAS 39, IFRS 9 introduced fundamental changes in the way financial instruments are recognized, measured, and reported, with an emphasis on greater transparency, forward-looking information, and a better alignment...
The implementation of IFRS 17 Insurance Contracts marks one of the most significant accounting changes in the insurance industry in recent decades. Effective from January 1, 2023, this standard introduces a new level of transparency, comparability, and consistency to insurance reporting worldwide. For insurance entities, IFRS 17 is not merely an accounting adjustment—it is a...
In the ever-evolving world of business and technology, artificial intelligence (AI) has emerged as a transformative force across industries. For audit professionals, AI offers unprecedented opportunities to enhance accuracy, efficiency, and insight in auditing processes. As businesses embrace digital transformation, external and internal auditors must adapt to harness the potential of AI while addressing its...
The OECD’s “Consumption Tax Trends 2024″ report provides a detailed exploration of consumption tax policies across its member countries, highlighting Value Added Tax (VAT), Goods and Services Tax (GST), and excise duties. As global economies evolve, so must tax systems. The report offers critical insights into how consumption taxes are structured, their efficiency, and how...
In 2023, the Organisation for Economic Co-operation and Development (OECD) reported a stable average tax-to-GDP ratio of 33.9% among its member countries. This level represents a slight decrease of 0.1 percentage points compared to 2021 and 2022 but remains above the pre-pandemic average of 33.4% observed in 2019. The data reveals a delicate balance as...
Dawgen Global is an integrated multidisciplinary professional service firm in the Caribbean Region. We are integrated as one Regional firm and provide several professional services including: audit,accounting ,tax,IT,Risk, HR,Performance, M&A,corporate recovery and other advisory services
Dawgen Global is an integrated multidisciplinary professional service firm in the Caribbean Region. We are integrated as one Regional firm and provide several professional services including: audit,accounting ,tax,IT,Risk, HR,Performance, M&A,corporate recovery and other advisory services
© 2023 Copyright Dawgen Global. All rights reserved.
© 2024 Copyright Dawgen Global. All rights reserved.
