March is tax crunch time for many Jamaican taxpayers, as several annual returns and payments are due within this month. With the increased efforts of the Tax Administration Jamaica (TAJ) to inform persons of the rules and regulations, we all need to be aware of our tax obligations.
Last week we looked at some of the tax considerations for self-employed persons and individuals who earn extra income in addition to their regular salary. If you generate business income, or make money from investments or part-time sources, you may have to report your earnings at this time.
The TAJ recently noted that taxpayers should file the relevant returns for 2014 on or before the extended deadline of March 25 to avoid a $5,000 penalty which may be charged for each month the return is late. For tax assistance, contact the TAJ at 1-888-TAX-HELP or use their website at www.jamaicatax.gov.jm. Continue reading Managing Your Business Accounts