On 11 March 2021, Tax Administration Jamaica (TAJ) issued a press release extending the tax filing deadline due to COVID-19. TAJ extends the income tax filing deadline from 15 March 2021 to 31 March 2021.
This means that companies, partnerships, self-employed persons, and employed persons with other sources of income, will now have until 31 March to file and pay their income tax returns for the 2020 filing period and Estimated Returns for 2021 without any charges being applied. Persons are however urged to make their payments by the usual March 15 or prior to the end of the fiscal year.
TAJ also reminded about revised tax return Form IT02 to be filed by companies, as a concession the completion of the new Schedule 1A – Details of Assets, Liabilities and Shareholder’s Funds section featured on the form is not compulsory for the year of assessment 2020. The revised IT02 also now captures the $375,000 Corporate Tax Credit, also referred to as the MSME tax credit introduced for the financial year 2020.
