Tag Archives: tax evasion

Honesty Is The Best Money Policy

Money Reflections, , , , , ,

“Speak the truth and speak it ever, cost it what it will.
He who hides the wrong he did does the wrong thing still.”
— Children’s memory gem

Many of us adults may have vivid memories of being taught the importance of speaking the truth and being honest at all times, back when we were children. Parents and teachers alike drummed it into us that we should never tell lies, even if we thought that we would be punished for some wrongdoing.

Despite the reinforcement that we received about this critical life lesson, I’m sure that some of us will also remember those times when we ignored the warnings about honesty. The fear of getting into trouble was often too strong to allow us to freely admit to our sins and shortcomings.

There were probably occasions when we thought we had gotten away with telling lies. Perhaps no one saw us break the plate or take the last dumpling off the stove, so we believed that our secret would remain hidden forever. No doubt our shrewd caregivers would have corrected that idea in due course! Continue reading Honesty Is The Best Money Policy →

Your Taxes – What You Don’t Know CAN Hurt You

Business Success, , , ,

Last week we started looking at a topic that makes most consumers rather uncomfortable – taxes. We either think we’re paying too much or we’re trying to figure out ways to pay less.

However, just like a persistent itch that won’t go away until you scratch, our obligations to the ‘tax man’ won’t disappear. It just makes good financial sense to learn more about our rights and responsibilities under the tax laws.

Recently the Jamaica Trade and Invest (Jampro) Corporate Finance Broker Unit hosted a seminar that highlighted some of the key tax matters relating to self employed persons and small business owners.

Presented by renowned tax expert, Ethlyn Norton Coke, the event featured discussions on the Jamaican tax system, tax deductions, GCT issues and compliance requirements. Continue reading Your Taxes – What You Don’t Know CAN Hurt You →

Your Taxes – No Escaping Them!

Business Success, , , ,

“Beenie Man wanted for tax evasion!” the news headlines screamed. The popular Jamaican entertainer, whose real name is Moses Davis was in big legal trouble recently after he failed to turn up in court to answer charges of tax evasion.

According to the reports, Beenie Man owes nearly J$30m in back taxes and over J$18m in penalties. As Resident Magistrate Owen Parkins issued the warrant for his arrest, he issued a warning: “No one is above the law, not even me.”

Only time will tell the outcome of Beenie Man’s tax woes, but his dramatic story highlights a very sensitive issue for consumers- the paying of taxes. In Jamaica, most employed persons are taxed automatically through the Pay As You Earn (P.A.Y.E.) system, where their employers are responsible for deducting and paying over their taxes to the authorities.

However, as more people become separated from their nine-to-five jobs through redundancies or the desire to be their own bosses, non-compliance in paying taxes becomes a big issue. Continue reading Your Taxes – No Escaping Them! →