November 17, 2017 10:20 AM
Tax Administration Jamaica (TAJ) in keeping with its National Compliance Plan has embarked on a series of activities aimed at improving compliance of the Real Estate Sector. Under the Revenue Administration Act (RAA) TAJ has collaborated with a number of public bodies and private sector entities, to ascertain both the source and quantum of income from third party transactions.
TAJ through its Intelligence, Investigation and Enforcement Unit (IIEU) will be focusing on certain sectors, primarily the real estate sector for the third quarter and beyond to encourage compliance.
Developers who have sold properties, architects and contractors who have offered their services, persons who are in receipt of rental income as well as other players within the sector are being encouraged to file their returns, report accurately and comply with the tax laws.
This action forms part of the sustained efforts by Tax Administration Jamaica to enforce the laws it administers, in order to improve trust and fairness within the system.
Delinquent taxpayers are strongly advised, that failure to report income, profits or gains as defined within the Income Tax Act, will result in enforcement action by TAJ utilizing the applicable provisions under the law. Persons may obtain further information on the tax law and any other tax related matter by contacting the TAJ Customer Care Centre at 1-888-TAX-HELP (1-888-829-4357) or the nearest Tax Office.