Regulatory Alerts2015-01-01
The Banking Services (Licence Fees) Regulations, 2015
The Supervisory Committee of Jamaica issued these regulations under the Banking Services Act to establish the fee base and calculation methodology for banking licence fees. The rules mandate that both domestic deposit-taking institutions and foreign banks pay a fee equivalent to two thousand dollars for every ten million dollars of their fee base upon grant and annually thereafter. Payments must be made to the Accountant-General within ninety days of the financial year's end, with unpaid amounts accruing interest at the rate of the last six-month Treasury Bill yield.
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