Category: Taxation

Whether you are a new or seasoned business owner, there are some things you must know about taxation in Jamaica. There are four major taxes that businesses must pay, and they are the Income tax, Sales tax, Deed tax, and Resources tax. There are also several forms of taxation, such as tax credits, which are given to business owners to reduce the amount of tax they have to pay. Sales tax Fortunately for us Jamaicans, our sales tax rate is lower than most of the US. As a result, it is a lot easier to maintain a tight grip on…

Currently, the Income Tax Department is undertaking an audit of all taxpayers. This audit is meant to identify tax evasion and to deal with non-compliance. In addition, it is meant to ensure that all tax returns are filed on time. It is also meant to prevent overcrowding of the tax offices. Aims of the program Among the aims of the Jamaica Tax Audit Program is to reduce taxpayer exposure to tax administration and to enhance tax compliance and the efficiency of tax collection. In addition, the program encourages innovation and problem solving. The program aims to strengthen the capacity of…

Regardless of your company's status or size, there are some very important tax compliance issues that you need to know about. There are taxes that are specifically applicable to you, such as corporate income tax, property tax, and the General Consumption Tax. In addition, you may also be affected by the Charities Act. Property tax Historically low property tax compliance has been a cause for concern for Jamaicans for decades. However, the reasons for low tax collection have yet to be pinpointed. The literature on property taxation has largely focused on the economics of the tax and its possible benefits.…