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The Environmental Protection Levy (EPL)

The Environmental Protection Levy (EPL) which took effect on June 1, 2015, required domestic manufacturers to remit returns not later than July 31, 2015. Arising out of a series of consultations with key stakeholders, GOJ has revised the filing of returns by manufacturersby the last working day October, 2015. Consistent with the new Act, domestic manufacturers are being advised to pay careful attention to the conditionalities of the Income Tax Act:

  • Pursuant to Part III of the First Schedule of the Income Tax Act:
    • Persons who are engaged in the transformation of raw materials or intermediate goods into a new or distinct good are manufacturers and must charge the EPL (the EPL must be charged whether or not you are currently registered with Ministry of Industry, Investment and Commerce (MIIC). ·
  • All manufacturers are permitted to account for the EPL imposed effective June 1, 2015 on their September quarterly return due on the last working day of October 2015. ·
  • Manufacturers who incurred EPL at the ports on productive inputs, which have been used, or are to be used in the manufacturing process, will have the EPL paid, available as a credit when accounting for the tax on their return in October 2015.
  • Manufacturers who purchased goods from local manufacturers for use in their production process and paid the EPL are eligible for a credit when accounting for the tax.
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Withholding Tax on Specified Services

The Ministry of Finance and Planning is advising that the Withholding Tax on Specified Services which took effect June 1, 2015 will be implemented on September 1, 2015. The Withholding Tax on Specified Services targets persons liable to income tax but are noncompliant
and/or may not be in the tax data base.

TAJ Finalises Preparations to Implement FATCA

 

With the advent of the legislation relating to the Foreign Account Tax Compliance Act (FATCA), Tax Administration Jamaica (TAJ) is finalising preparations to administer the implementation of the automatic exchange of information. In recent weeks TAJ has been working with Financial Institutions (FI) to register and submit test data, to assess the readiness of the system configured to accommodate the upload and transmission of FATCA reports to the Internal Revenue Service (IRS).

Minimum Business Tax Amendment

Tax Administration Jamaica (TAJ) is reminding companies and individuals in business that their first payment instalment of $30,000 for Minimum Business Tax (MBT) was due on Monday June 15, 2015. It should be noted that a Bill amending provisions relating to the MBT was signed into law on June 11, 2015, that now impacts who is required to pay.

In respect of individuals, the threshold has been increased to five million dollars ($5M), up from the previous three million dollars ($3M). This means that as of June 11, individuals, including partners, carrying out a trade, vocation or profession, or business, whose annual gross revenue is less than $5M are exempt from the MBT. Individuals are reminded that the MBT does not apply to income from salaries or wages. It should also be noted that the provisions for the $5M threshold does NOT apply to companies.

Provisions have also been made for any company incorporated under the Companies Act for not more than twenty-four months to be exempt from paying the Minimum Business Tax.

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Tax Due Dates

31 Oct 2020
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General Consumption Tax (GCT) & Special consumption Tax (SCT)
14 Nov 2020
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