UDC Steps Up Promotion of Tax Incentive Programme

The Urban Development Corporation (UDC) is ramping up a campaign to promote its tax incentive programme.

The programme– managed by the UDC on behalf of the Finance Ministry– is aimed at addressing urban decay by encouraging the redevelopment of properties in blighted areas, such as Downtown Kingston.

The General Manager of the UDC is Dr Damian Graham.

He says the tax incentive programme has four categories including renewal bonds.

Dr. Graham says the programme also allows tax credit for investments.

Dr. Graham says the programme also allows relief income tax on rental from new or refurbished buildings and exemption from transfer and stamp duty.

In the meantime, the UDC says it’s seeking to promote a ‘rebirth of Kingston’, as it’s never been imagined.

The programme to redevelop and restore Kingston is expected to be completed by 2030, in line with Vision 2030.

Dr. Graham says the UDC is improving the ‘iconic status’ of Kingston.

He says many business and government entities have come on board to be a part of the redevelopment plans.

Dr. Graham says the plan is to include a multi-modal transport system, an ‘On the Waterfront’ Entertainment Village, a Festival Marketplace, piers and a number of other attractions.