Tax Administration Jamaica (TAJ) is reminding taxpayers to need to file their income tax returns for the year of assessment 2016 by 15 March 2017, and are to make declarations of estimated tax for the year of assessment 2017 also by 15 March 2017.
Taxpayers are reminded to take their business related documents to the sessions. These documents include Taxpayer Registration Number (TRN), bank statements, purchase invoices, expense receipts, sales records, utility bills and any other records that can be used to verify their income and expenses.
All taxpayers, including self-employed individuals, partners, companies, other bodies and employed persons with additional sources of income, are urged not to wait until the last day to file and pay their returns.
The tax authority automatically will impose interest on overdue income tax. The current rate of interest is approximately 16.04% per annum, but this may be changed by the March 2017 filing date.