Tax Administration Jamaica (TAJ) is encouraging business operators and entrepreneurs to learn about their tax rights and obligations.
Speaking at a ‘JBDC Virtual Biz Zone’ session, held recently under the theme: ‘Statutory Obligations For MSMEs During COVID-19’, Taxpayer Education Officer, Rogerlene Miller, said all entrepreneurs should know their tax responsibilities, rights and obligations.
“Jamaica has a Self-Assessment Tax System, which gives taxpayers greater control and responsibility over their tax affairs. Taxpayers calculate, file and pay their taxes at specific times set by the Revenue Authorities,” she explained.
Miss Miller said it is important that business operators are truthful with the authorities with all information they provide.
“You should be honest in your dealings with any department of the Tax Administration. We have various departments, including compliance, tax education, stamp duty and transfer tax, so always give us correct information. You should file the correct returns and document and provide complete and accurate information within the time limits specified,” she noted.
Miss Miller added that it is important that business owners and operators inform the TAJ of any changes to their business.
“You should keep us informed if you have a change of business or mailing address or business name. Once you make any of these changes, it is important that you share any changes, because all of that is very vital. You can come into the tax service unit and you complete a Tax Registration Number supplemental form and we update the system at the same time with those changes,” she explained.
She also encouraged persons to learn of the various deadlines to avoid facing late penalties. Tax returns are mandatory to be filed online.
Miss Miller noted that in a self-assessment system, the onus is on business persons to calculate, report and pay their tax liability.
“Comply with the tax laws and aim to remain compliant and keep proper records, so that your tax liability is accurate,” she added.
The Jamaica Business Development Corporation (JBDC) is the Government’s business development agency that assists in the sustainable creation and development of Micro Small and Medium Enterprises (MSMEs) in Jamaica.