February 1, 2017 12:38 PM
Tax Administration Jamaica (TAJ) has begun its Tax Season activities by engaging tax professionals, business persons and self-employed individuals in stakeholder sessions, during its road trips in both Kingston and Montego Bay last week. This move forms part of tax support activities to engage interest groups to assist their membership and/or clientele make the necessary preparations to file their final Income Tax Returns for 2016 as well as their Estimated Income Tax Returns for 2017.
The Institute of Chartered Accountants of Jamaica (ICAJ) partnered with TAJ to train over one hundred of its members in Kingston, sharing with them updates on the revised Income Tax Forms to be used this Tax Season. Similarly, Montego Bay and Kingston business persons also benefitted from tax guidance from TAJ personnel, during Tax Seminar 2017 hosted by corporate interest group Corporate U in collaboration with Senior Accounting Services. Participants at these activities were supported by the Tax Authority’s “Tax Spot”, where they were able to conduct real-time tax transactions, consult with tax personnel and get registered to use TAJ’s Revenue Administration Information System (RAiS).
Business Persons and self-employed individuals will be able to avail themselves of free tax support sessions when Tax Administration Jamaica rolls out its Special Taxpayer Assistance Programme (STAP) in the coming weeks. The sessions will be held island-wide leading up to the March15 due date, and will support hundreds of small business persons with filing their Income Tax Returns. This year, persons are required to take along their income and expenditure statements for their businesses to get free consultation and assistance to file early to avoid the usual tax office rush during the period. A schedule of the STAP activities will be posted to www.jamaicatax.gov.jm for their convenience.
Businesses are reminded that they will be required to complete the Schedule 8, declaring their transactions with connected persons, during the last year. The schedule is to be filed along with the Income Tax Return due on March 15.
Companies, Partnerships, Other Bodies, Self-employed Individuals, Persons with multiple employment and employed persons with other sources of income are advised to ensure that they use the correct form, for the corresponding tax year to ensure that the returns are filed accurately.
Companies are also reminded that their Asset Tax Return is also due on or before March 15.
Information support is available in the March 15 Income Tax Hub at www.jamaicatax.gov.jm, where persons will be able access literature, updated forms and other information relating to Income Tax Filing.
Persons may contact the TAJ Customer Care Centre at 1-888-Tax-Help (1-888-829-4357) toll-free for further information or assistance.