Tax Administering Jamaica (TAJ) has revised assets tax acknowledgment forms, which accept been gazetted to booty aftereffect January 1, 2014. All categories of taxpayers, such as companies, self-employed persons, individuals and partnerships are appropriate to use the revised forms to book their allotment during the accepted assets tax filing period, due by March 15.
The changes to the alternation of assets tax forms accept been fabricated to reflect contempo changes to assets tax ante and variations in tax on dividends. In addition, the revised forms will acquiesce TAJ to abduction added advice authoritative it easier for the administering to action tax returns.
For companies, the IT02 acknowledgment has been revised to crave bodies to announce if they are categorised as a regulated, ample able or able company. This is important as the tax amount for anniversary class differs with the 2013 acclimation to tax amount for companies. While the assets tax amount for adapted companies charcoal at 33⅓%, the ante for ample able and able companies were bargain to 30% and 25%, respectively. It should be acclaimed that the 30% amount for ample able companies alone administer to Year of Assessment 2013, as able January 1, 2014 they are now burdened at 25%.
In general, all the anniversary assets tax allotment accept been adapted to abduction changes in the capricious ante for dividends. The forms accept additionally been adapted to accommodate a abstracted band to analyze affiliation income. The acknowledgment area of the forms has been adapted and now requires that bodies who adapt the tax acknowledgment accommodate capacity of their name, TRN and acquaintance information.
The use of the estimated assets tax return, IT07, has additionally been adjusted. Companies and added organisations will abide to use the estimated assets tax acknowledgment for both filing and payment. However, self-employed bodies will alone use the IT07 to acknowledge their estimated income. They will now use the new distinct Self-employed Quarterly Statutory Acquittal Form S03 to accomplish their payments, not aloof for estimated assets tax, but additionally for apprenticeship tax, as able-bodied as NHT and NIS contributions.
The revised assets tax returns, forth with a Notes and Instructions booklet, are accessible on TAJ’s website at www.jamaicatax.gov.jm. Bodies filing manually may accordingly download the forms, which may be filled-in electronically, again printed, active and taken to any tax office. As a added acceptable option, tax allotment may be filed application the Jamaica Tax Portal and payments fabricated application a acclaim agenda or absolute banking.
Persons may acquaintance the TAJ Customer Care Centre at 1-888-TAX-HELP (829-4357) for added advice and assistance.
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