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Chalis Car Rental and Tours has been surviving off airport rentals on the island since 1996, despite high taxes on rental car companies and motor vehicles, and the 20 or so car rental brands it competes with at the Sangsters International Airport. Owner of Chalis, Ralph Wilson, says he expects the car rental market in Jamaica to slow down over the next five years.
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Businesses with extensive asset portfolios that routinely dispose of assets on a regular basis at a gain (e.g., equipment leasing or rental car companies) may decide to set up an LKE program to access the gain deferral allowed under Section 1031.
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Now that construction for the Smith Center for the Performing Arts is ‘on budget,’ the council unanimously approved a $1.5 million reallocation of a rental car tax that had last been designated to help build the center.
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Budget licensee uses like-kind exchange program to avoid a tax burden for 2012 as a result of the discontinuation of bonus depreciation.
Read More →In the fourth incarnation of the Global Business Travel Association’s travel tax study, the average overall effective tax rate on car rentals has gone down for the first time — but don’t call it a trend.
Read More →This free webinar Wednesday, Sept. 22 from WTP Advisers will outline how to implement a like-kind exchange program and the benefits of this tax strategy.
Read More →Research finds that taxes targeting travel services increase cost by 56 percent.
Read More →Some say lawmakers should keep their promise and end the taxes, which helped pay for a baseball stadium. Others want the taxes to continue for other purposes.
Read More →Newspaper writes that lawmakers would break a vow by continuing the tax to fund a baseball stadium.
Read More →In addition to rental cars, taxes have been increasing on hotel rooms, restaurant meals, and local sales taxes in resort areas.
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