Tax Administration Jamaica (TAJ) is set to implement third party information provisions of the Revenue Administration Act of 2013 on a phased basis. As a result, beginning
in the new financial year starting April 2014, businesses in selected sectors will be required to submit information details relating to their depositors, independent contractors, suppliers and business customers.
The strategy is being implemented in an effort to widen the tax net and to allow the department to better identify under-reporting. The information gathered will be used
to validate returns filed by business taxpayers. Companies, self-employed individuals and partnerships are therefore cautioned to file a true assessment of their business activities for GCT, payroll and income tax purposes.
However before finalizing the strategy, contact will be made with the affected groups and taxpayers to sensitise them of the new requirements. Subsequent to the discussion with stakeholders, formal requests for the data will be sent.
Recent amendments to the Revenue Administration Act of 2013 gives the Commissioner General of Tax Administration Jamaica the authority to request third
party information from companies and other businesses, as well as from government ministries, departments or agencies.
Source: Jamaictax.gov.jm