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This document provides general information on the use of the garnishment process by the Tax Administration Jamaica (TAJ). It explains the concept of Garnishment, the relevant provisions of the law and the basic rules of procedure for enforcing the law. It is intended for TAJ employees of all categories and the general public.
Tune in to JNN, (channel 103 on the Flow Cable Network), this Friday May 27th, 2016 at 6:30pm, for an insightful and informative interview with our CEO Joan Ferreira-Dallas on the Kayon Vaz program "GLOBAL TRENDS- In Pursuit of Value", she will be speaking on issues of Tax as it relates to the securities market.
The following are highlights from the Jamaica Chambers of Commerce (JCC) January 14th, 2016 Newsletter
* Your tax questions addresses by Tax Administration of Jamaica
* Special Economic Zone Act Passed
* Notice for Release of the 4th Quarter 2015 Business & Consumer Confidence Indices Release
* Calls for Proposals - Contest for the creative and cultural industries in Latin America and the Caribbean
Download Full Newsletter Click Here
Source: Jamaica Chambers of Commerce Newsletter Jan 14, 2016
Tax Administration Jamaica (TAJ) is reminding all Reporting Financial Institutions (RFIs) that they are required to submit their FATCA reports for 2015 on or before May 31, 2016 pursuant to the Revenue Administration (Amendment) Act 2015 [RA(A) 2015].
Additionally, RFIs reporting for the first time are required to notify and provide TAJ with:
(i) The name of the RFI
(ii) The categorization of the RFI
(iii) The Global Intermediary Identification Number (GINN) of the RFI
(iv) The Full Name, Address, Designation and Contact Details of the FATCA Compliance Officer who is the RFI’s principal point of contact for FATCA purposes
by March 31, 2016, pursuant to s.9 of the RA(A) 2015.
The FATCA reporting requirement was introduced 2014, with the first set of reports submitted to TAJ by RFIs in September 2015. These were in turn successfully transmitted by TAJ to the US-IRS in accordance with the RA(A) 2015 and the FATCA Intergovernmental Agreement. Any applicable feedback from the US-IRS in this regard will be subsequently communicated to the RFIs.
The requirements for the 2016 submission in accordance with the IGA (Inter Governmental Agreement) are as follows:
Reporting Financial Institutions are advised that the TAJ portal will be opened in April 2016 to facilitate early submission of the FATCA report for calendar year 2015.
The FATCA submission process is facilitated through TAJ’s new Revenue Administration Information System (RAiS) that is accessible through its web portal at www.jamaicatax.gov.jm. The system employs industry standard security practices at the database and communication layers.
The RFIs will be required to upload their FATCA reports through RAiS. TAJ in turn will submit the files to the US-IRS on behalf of the RFIs and in accordance with the RA(A) 2015 and the FATCA Inter-Governmental Agreement.
RFIs are encouraged to contact TAJ before the May 31 submission deadline for any guidance on FATCA so as to avoid the last minute rush.
Source: Tax Administration Of Jamaica
With the March 15 Income Tax due date just two months away, Tax Administration Jamaica (TAJ) is urging taxpayers to begin preparations to file their income tax returns early and online to avoid the usual last minute rush.
All companies, organisations, self-employed persons, as well as employed persons with additional sources of income, are reminded to file their Annual Income Tax Return for the year 2015 and to declare their Estimated Income and Tax Payable for the year 2016 on or before the March 15 due date. Taxpayers, including professionals and self-employed persons such as entertainers, doctors, lawyers, landlords, shopkeepers, barbers, hairdressers, taxi/bus operators and others are encouraged to register to file and pay online via the TAJ’s upgraded tax portal at www.jamaicatax.gov.jm.
In December 2015, TAJ rolled out the income tax component of its new Revenue Administration Information System (RAiS), which now allows more functionalities and added convenience to taxpayers. The upgraded online tax service allows users to not just file their income tax returns online, but to also pay using automated direct banking, create a payment plan, view filing and payment history, generate statement of accounts, and apply for their TCC electronically, instead of having to visit a tax office to do those transactions. Persons are therefore encouraged to register to use the online filing option by contacting the TAJ’s Customer Care Centre at 1-888-TAX-HELP (829-4357) or visiting a Tax Office to sign-up.
The TAJ is offering support to taxpayers to guide them through the online filing process. Additionally the department’s annual Special Taxpayer Assistance Programme will be offered, beginning February, to assist micro, small and medium enterprises with their filing obligation, with a focus on online filing.
Source: Tax Administration Of Jamaica