Tax Administration Jamaica wishes to advise that the deadline to file Final Income Tax Returns forms for the year of assessment 2017 has been extended until 15 March 2018. TAJ also stated that the revisions are improvements which will allow the forms to capture salient and relevant information, while maintaining the functionality of the online filing process.

Similarly, any income tax due for the year of assessment 2017 and the first quarterly instalment of estimated income tax for the year of assessment 2018 are to be paid by 15 March 2018.

It is also mandatory for all taxpayers with annual turnover greater than or equal to five hundred million dollars ($500,000,000) to electronically file their income tax returns and declarations of estimated income tax.

A penalty of $5,000 per month or part thereof, up to a maximum of $1 million, will be imposed for late filing of income tax returns and declarations of estimated income tax. This penalty will be imposed on the taxpayer automatically if the due date for filing (March 15) is missed.

Failure to pay the total tax due, attracts a penalty of 1.5% of the tax outstanding for each month (or part of the month) that the tax remains unpaid.

Transfer pricing declaration

Taxpayers having engaged in transactions with a connected or affiliated company during assessment year 2017 must file a declaration with their income tax returns by 15 March 2018. The declaration to be filed is Schedule 8 (Declaration of Connected Person Transactions). The declaration must be completed and filed with the income tax return.

Any person who fails to certify that the accounts and information used to prepare the income tax return include information about connected-person transactions may be liable for a penalty of a maximum amount of J$2 million (or approximately U.S. $16,000) as well as possible criminal sanctions.