This document provides a summary of tax updates in Jamaica for 2014. Key points include:
- A new Employment Tax Credit allows companies and self-employed individuals to claim a tax credit for payroll taxes paid on time.
- A new "Super Form" allows one-stop business registration with multiple agencies instead of separate forms.
- Income tax rates and thresholds from 2002-2014 are shown, with the threshold increasing over time.
- A flat tax is introduced for the public transportation system to simplify taxes.
- A new single tax payment form will allow self-employed individuals to file and pay quarterly income, education, and payroll taxes together.
- Important tax calendar dates for Jamaica are listed, such as income
Military Families Learning Network Webinar - his 90-minute webinar will review a variety of time-tested tax and financial planning strategies including offsetting investment capital gains with capital losses, bunching itemized tax deductions, making charitable contributions, accelerating or delaying income, using up flexible savings account (FSA) balances, adjusting income tax withholding, and maximizing contributions to tax-deferred employer retirement savings plans such as 403(b) plans and the Thrift Savings Plan (TSP). This webinar is presented on behalf of the Military Families Learning Network. https://learn.extension.org/events/1675
Military Families Learning Network Webinar - his 90-minute webinar will review a variety of time-tested tax and financial planning strategies including offsetting investment capital gains with capital losses, bunching itemized tax deductions, making charitable contributions, accelerating or delaying income, using up flexible savings account (FSA) balances, adjusting income tax withholding, and maximizing contributions to tax-deferred employer retirement savings plans such as 403(b) plans and the Thrift Savings Plan (TSP). This webinar is presented on behalf of the Military Families Learning Network. https://learn.extension.org/events/1675
Form 16 (or salary certificate in layman’s language) is a certificate issued by an employer to all his employees for a particular financial year at the end of the said year reflecting the total salary paid and amount of tax deducted (‘TDS’). For every salaried employee, TDS form (Form 16) is of utmost importance from income-tax point of view as it forms the base of his / her income-tax return. For more details visit us at www.taxfreemart.in
This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.
- for subscription please email at cslalitrajput@gmail.com
SIP report on Calculation of tax on income from salaryKrishna Patel
SIP report, Calculation of tax on income from salary, Tax Slabs, Tax deductions, Tax exemptions, Tax filing procedure, Sums on Tax, H&R Block, Form 16, Form 26AS, Steps to calculate tax on income from salary,etc.
To help you to comply with these rules, Cekindo provides complete accounting and tax reporting services, including individual and corporate tax in Indonesia.
From the current financial year 2020-21, Individuals & HUFs are having an option to select between old tax system & New Tax system to discharge their tax obligations. CBDT has recently issued a circular clarifying that employees need to intimate their respective employers regarding their choice and accordingly employer shall compute TDS. However in the absence of intimation, employer shall proceed according to existing tax system. Our tax team has explained the nuances of old and new tax system alongwith detailed comparison making the selection easy.
We provide you the Income tax return & ca services online in India. In the case of companies, Tax Consultants similar to Chartered Accountants can help file the Income- tax return form. For companies, technical issues such as claiming expenses, calculation of taxes, carried forward of losses, etc are important matter which is looked after by a consultant. For the company various documents are required, the primary documents required in income tax in India.
Form 16 (or salary certificate in layman’s language) is a certificate issued by an employer to all his employees for a particular financial year at the end of the said year reflecting the total salary paid and amount of tax deducted (‘TDS’). For every salaried employee, TDS form (Form 16) is of utmost importance from income-tax point of view as it forms the base of his / her income-tax return. For more details visit us at www.taxfreemart.in
This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.
- for subscription please email at cslalitrajput@gmail.com
SIP report on Calculation of tax on income from salaryKrishna Patel
SIP report, Calculation of tax on income from salary, Tax Slabs, Tax deductions, Tax exemptions, Tax filing procedure, Sums on Tax, H&R Block, Form 16, Form 26AS, Steps to calculate tax on income from salary,etc.
To help you to comply with these rules, Cekindo provides complete accounting and tax reporting services, including individual and corporate tax in Indonesia.
From the current financial year 2020-21, Individuals & HUFs are having an option to select between old tax system & New Tax system to discharge their tax obligations. CBDT has recently issued a circular clarifying that employees need to intimate their respective employers regarding their choice and accordingly employer shall compute TDS. However in the absence of intimation, employer shall proceed according to existing tax system. Our tax team has explained the nuances of old and new tax system alongwith detailed comparison making the selection easy.
We provide you the Income tax return & ca services online in India. In the case of companies, Tax Consultants similar to Chartered Accountants can help file the Income- tax return form. For companies, technical issues such as claiming expenses, calculation of taxes, carried forward of losses, etc are important matter which is looked after by a consultant. For the company various documents are required, the primary documents required in income tax in India.
Self-Assessment is the system that was created by HM Revenue & Customs (HMRC) to ensure the correct amount of tax is collected for a tax year. You should therefore check each year whether you need to submit a self-assessment tax return.
Five Tax Tips on Making Estimated Tax PaymentsAlexaGabriel1
Beginning in 2017, taxpayers using a software product for the first time may need their Adjusted Gross Income (AGI) amount from their prior-year tax return to verify their identity. Log on http://www.etservicesva.com/
This presentation helps one to learn the process of e filing of Income Tax return in India. This learning can be utilise as profession as tax consultant to students of commerce field.
With the help of this presentation one can learn e filing of Income Tax Return and can start his/her own practice as agent for filing of income tax returns
Due Date ITR Filing for AY 2023-24 is July 31st, 2023 | Academy Tax4wealthAcademy Tax4wealth
The Income Tax department has set the due date filing ITR for the assessment year 2023-24, pertaining to income earned in the financial year 2022-23, which is July 31. Join Academy Tax4wealth.
For more information, visit us at:-
https://academy.tax4wealth.com/blog/itr-filing-due-date
Income Tax for New Tax Return Filers- FAQs.pptxtaxguruedu
This article provides a detailed overview of income tax, including its definition, the administrative framework, return filing period, who is liable to pay tax, how to pay tax, precautions in tax payment, advance tax calculation, income tax challans, Form 26AS, exempt income, taxable income, maintaining books of account, professions, and the period for which records should be kept. It also covers topics such as revenue receipts, capital receipts, agricultural income, and relief from double taxation.
Crowe Horwath Jamaica (www.crowehorwath.com.jm) is one of the largest public accounting, consulting, and advisory firms in Jamaica . Crowe uses its deep industry expertise to provide audit services to public and private entities while also helping clients reach their goals with tax, advisory, risk and performance services.
Crowe Horwath Jamaica serves clients worldwide as an independent member of Crowe Horwath International, one of the largest global accounting networks in the world. The network consists of more than 200 independent accounting and advisory services firms in more than 130 countries around the world.
Crowe Horwath Jamaica (www.crowehorwath.com.jm) is one of the largest public accounting, consulting, and advisory firms in Jamaica . Crowe uses its deep industry expertise to provide audit services to public and private entities while also helping clients reach their goals with tax, advisory, risk and performance services.
Crowe Horwath Jamaica serves clients worldwide as an independent member of Crowe Horwath International, one of the largest global accounting networks in the world. The network consists of more than 200 independent accounting and advisory services firms in more than 130 countries around the world.
Crowe Horwath Jamaica (www.crowehorwath.com.jm) is one of the largest public accounting, consulting, and advisory firms in Jamaica . Crowe uses its deep industry expertise to provide audit services to public and private entities while also helping clients reach their goals with tax, advisory, risk and performance services.
Crowe Horwath Jamaica serves clients worldwide as an independent member of Crowe Horwath International, one of the largest global accounting networks in the world. The network consists of more than 200 independent accounting and advisory services firms in more than 130 countries around the world.
Crowe Horwath Jamaica (www.crowehorwath.com.jm) is one of the largest public accounting, consulting, and advisory firms in Jamaica . Crowe uses its deep industry expertise to provide audit services to public and private entities while also helping clients reach their goals with tax, advisory, risk and performance services.
Crowe Horwath Jamaica serves clients worldwide as an independent member of Crowe Horwath International, one of the largest global accounting networks in the world. The network consists of more than 200 independent accounting and advisory services firms in more than 130 countries around the world.
Crowe horwath we are here to help you get to thereDawgen Global
Crowe Horwath Jamaica (www.crowehorwath.com.jm) is one of the largest public accounting, consulting, and advisory firms in Jamaica . Crowe uses its deep industry expertise to provide audit services to public and private entities while also helping clients reach their goals with tax, advisory, risk and performance services.
Crowe Horwath Jamaica serves clients worldwide as an independent member of Crowe Horwath International, one of the largest global accounting networks in the world. The network consists of more than 200 independent accounting and advisory services firms in more than 130 countries around the world.
Audit and Assurance Services in Jamaica Dawgen Global
Crowe Horwath Jamaica (www.crowehorwath.com.jm) is one of the largest public accounting, consulting, and advisory firms in Jamaica . Crowe uses its deep industry expertise to provide audit services to public and private entities while also helping clients reach their goals with tax, advisory, risk and performance services.
Crowe Horwath Jamaica serves clients worldwide as an independent member of Crowe Horwath International, one of the largest global accounting networks in the world. The network consists of more than 200 independent accounting and advisory services firms in more than 130 countries around the world.
Jamaica budget review by uhy dawgen march 15Dawgen Global
Minister of Finance and Planning, Peter Phillips outlined the fiscal programme for 2015/2016 which he stated is consistent with the two overarching objectives of the Economic Reform Programme efforts to achieve debt reduction and structural reforms for sustained economic growth.
According to the minister, the maintenance of the primary surplus of 7.5 per cent of GDP remains the key operational instrument for achieving these objectives.
A business plan is an essential document for anyone commencing a new business, already in business and critical for anyone seeking funding from a venture capitalist. The business plan needs to be
comprehensive, well thought and should contain sound business reasons.
This Bill is an important enabling legislation that seeks to allow Jamaica to access both local and international investment in a sector of the resort industry that has become well established in many major tourism markets around the world.
The Bill seeks to give legal recognition to timeshare vacation schemes in the form of right-to-use agreements, which are timeshare contracts and deeds issued in respect thereof. It also regulates the marketing, promotion and provision of timeshare accommodation.
The Bill also provides for the licensing of agents of proprietors of timeshare plans; the registering of the timeshare plans under which the accommodation is offered; and standardizing of information to be provided to purchasers before they enter into any timeshare contract.
It also provides for a withdrawal period to purchasers after entry into timeshare contracts; and the management of timeshare plans.
UHY Dawgen Chartered Accountants (Incorporating Paul Goldson & Company) is a professional service firm providing audit, accounting, tax and business advisory services from 5 strategic locations in Jamaica. . UHY Dawgen Chartered Accountants (the “Firm”) is a member of Urbach Hacker Young International Limited, a UK company, and forms part of the international UHY network of legally independent accounting and consulting firms. UHY is the brand name for the UHY international network.
Established in 1986 and based in London, UK, UHY is a network of independent accounting and consulting firms with offices in over 270 major business centres in 86 countries. Our services and teams are tailored to suit the culture of each client including publicly listed corporations, large and medium-sized companies, privately owned businesses, not-for-profit and public organisations.
PROFESSIONALISM, QUALITY, INTEGRITY, INNOVATION
Our values are echoed in the standard of the firms that have achieved membership in UHY. Our member firms understand that business people need a wide range of services and knowledge of local conditions to help them create, operate and dispose of ventures across the globe. The UHY worldwide network was formed in response to the needs of our clients; our global relationships have come to define the next level of service that our clients have earned and expect.
As companies, both large and small, search for new
international markets in today’s global economy, they appreciate the differences between trading in their home market, with its known parameters, and marketing products overseas
This guide has been developed to provide an easy reference for finance and tax specialists within
multi-national companies or those considering cross-border ventures. It presents the relevant
rules and legislation in each country including pricing methods, documentation requirements
and penalties. We hope you find this a useful and easy-to-use guide to what is an increasingly
complex area of tax planning and compliance.
The contents of this guide have been carefully compiled by individual member firms of UHY, an
international network of independent accounting and consulting firms. The tax partners and
staff of UHY member firms throughout the world combine knowledge with regional, national
and international skill sets to help our clients achieve further business success.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
2. CONTENTS
1 – Introduction of Employment Tax Credit (ETC)
2 – One-Stop Business Registration Super Form
3 – INCOME TAX RATES 2002-2014
4 – Flat tax for the Public Transport System
5 – Single Tax Payment Form to Be Introduced for Self-employed Persons
6 – IMPORTANT TAX DATES
3
4
5
6
7
8
We Do More
3. 1 – INTRODUCTION OF
EMPLOYMENT TAX CREDIT (ETC)
TAXATION BULLETIN-JANUARY 2014
Effective January 1, 2014 unregulated companies and self-employed individuals, engaged
in a trade, vocation or profession, will be entitled to claim a non-refundable Employment
Tax Credit (ETC) when computing their net income tax liability. However to qualify for the
credit, the eligible persons will have to file and pay their monthly payroll statutory
deductions on time.
The amount of ETC which may be claimed in respect of each year of assessment will be
equivalent to the total amount of payroll deductions and contributions for Education Tax,
NHT, NIS and HEART, which have both been declared and paid on time for employees
during that year. Eligible persons are therefore encouraged to file and pay their monthly
payroll deductions (S01) on a timely basis in order to benefit when filing their final income
tax return.
However, it should be noted that the ETC will be restricted to 30% of the tax chargeable on
the company’s or trader’s income. Additionally the ETC may not be claimed against any
income tax chargeable on non-trading income, such as interest and dividend income. Such
income will continue to be liable to tax at 25%.
The Employment Tax Credit is being introduced as part of the government’s Fiscal Incentive
regime. This follows months of discussion by a private sector led Incentives Working
Group, working in partnership with representatives of the Ministry of Finance and Planning
and TAJ. While the employment tax credit will benefit some businesses, it will also serve to
encourage greater tax compliance and boost employment.
3
4. 4
TAXATION BULLETIN-JANUARY 2014
2 – ONE-STOP BUSINESS
REGISTRATION SUPER FORM TAKES
EFFECT JANUARY 2,2014
Effective January 2, 2014 individuals will no longer need to visit multiple agencies to
incorporate a company or register a business name, as the Companies Office of Jamaica
(COJ) will now be providing a single registration facility.
The revised form will allow those incorporating companies or registering business names to
make a single application for their Taxpayer Registration Numbers (TRN), General
Consumption Tax (GCT), National Insurance Scheme (NIS), to register with the National
Housing Trust (NHT), and complete the Articles of Incorporation required for company
registration.
Under the old system an individual would need to visit multiple agencies – Tax
Administration Jamaica (TAJ), Ministry of Labour & Social Security (NIS), and National
Housing Trust - in order to complete the registration process.
The Super form is only applicable to locally incorporated companies; it does not apply to
companies incorporated outside of, but registered in Jamaica.
BENEFITS:
The “Super form” is more convenient in saving you time and cost, by visiting only the
Companies Office of Jamaica.
WHAT YOU GET WHEN INCORPORATED WITH THE SUPER FORM
o The Certificate of Incorporation
o NIS, TRN, GCT
o NHT, HEART Registration
o TCC (Tax Compliance Certificate)
Important feature
THE CERTIFICATE OF INCORPORATION:
Will now have the NIS, TRN and GCT Numbers at the base of the Certificate.
The Tax Compliance Certificate (TCC):
The Tax Compliance Certificate issued by the Companies Office will be valid for 90
days. At the expiration of the 90 days, a new TCC may be obtained from Tax
Administration Jamaica.
GCT Registration
A GCT Data sheet will be issued along with the Certificate of Incorporation.
We Do More
5. TAXATION BULLETIN-JANUARY 2014
5
3 – INCOME TAX RATES 2002-2014
INCOME TAX RATES, THRESHOLD AND EXEMPTIONS
INCOME TAX RATES, THRESHOLD & EXEMPTIONS 2002 - 2014
YEAR
20022006OF ASSESSMENT 2004
2005
2007
2008
2009
2010-12
2013
2014
INCOME TAX
RATE
25%
25%
25%
25%
25%
25%
25%
25%
INDIVIDUAL
THRESHOLD
120,432 144,768 193,440 196,872 270,504 441,168
507,312
507,312
EXEMPTIONS:
INDIVIDUALS OVER
65
120,432 144,768 193,440 196,872 270,504 441,168
507,312
507,312
AGE RELIEF
45000
45000
45000
45,000
62,500
80,000
80,000
80,000
165,432 189,768 238,440 241,872 333,004 521,168
587,312
587,312
PENSIONERS
UNDER 65
120,432 144,768 193,440 196,872 270,504 441,168
507,312
507,312
PENSIONERS'
RELIEF
45,000 45,000
45,000
45,000
62,500
80,000
80,000
80,000
165,432 189,768 238,440 241,872 333,004 521,168
587,312
587,312
PENSIONERS OVER
65
120,432 144,768 193,440 196,872 270,504 441,168
507,312
507,312
AGE RELIEF
45,000 45,000
45,000
45,000
62,500
80,000
80,000
80,000
PENSIONERS'
RELIEF
45,000 45,000
45,000
45,000
62,500
80,000
80,000
80,000
210,432 234,768 283,440 286,872 395,504 601,168
667,312
667,312
1. AMOUNT EXEMPTED IS LIMITED TO THE AMOUNT OF PENSION RECEIVED, NOT EXCEEDING
THE DENOTED FIGURE
2. RATES FOR 2010 – INCOME BAND 1ST $5,000,000 @ 25%, OVER $5,000,000 - $10,000,000 @
NOTE
27.5%, OVER $10,000,000 @ 35%
6. 6
TAXATION BULLETIN-JANUARY 2014
4 – FLAT TAX FOR THE PUBLIC
TRANSPORT SYSTEM
The new flat tax for the public transport system is intended to make the process of
paying taxes easier.
Source:TAJ
We Do More
7. TAXATION BULLETIN-JANUARY 2014
5 – SINGLE TAX PAYMENT FORM
TO BE INTRODUCED FOR
SELF-EMPLOYED PERSONS
Tax Administration Jamaica (TAJ), is collaborating with the National Housing Trust (NHT)
and the National Insurance Scheme (NIS) to introduce a Quarterly Statutory Payment (Selfemployed/Individuals) Form S03 by December 31,2013.
The new form will allow self-employed persons and individuals to complete and submit a
single form to make quarterly payments for Income Tax, Education Tax, as well as NHT and
NIS contributions.
With the introduction of the new quarterly payment form, self-employed persons and
individuals will save time and cost of having to complete several forms or having to visit
several locations to make their tax payment. They will also be better able to manage their
cash flow, as payments for education tax, NHT and NIS which would normally have been
due monthly will now be paid on a quarterly basis in keeping with the current requirement
for income tax.
The first quarterly statutory payment using the new S03 will become due on March 15,
2014. The subsequent quarterly payments will therefore be due June 15, September 15
and December 15.
The introduction of the S03 is another phase in the continued effort of the Government of
Jamaica to amalgamate the filing and payment of statutory taxes and contributions, with
the aim of making it easier to do business. During the last two years a consolidated
Employers Monthly Statutory Remittance Payroll Deduction Form S01 and Employers
Annual Return Form S02 were introduced.
7
8. 8
TAXATION BULLETIN-JANUARY 2014
6 – IMPORTANT TAX DATES
Tax Calendar
14th DAY OF EACH MONTH
− Employer’s Monthly Statutory Remittance
− Payroll Deductions’ (SO1) due
LAST DAY OF EACH MONTH
− Pay & file GENERAL CONSUMPTION TAX RETURN
MARCH 15th
− Pay and file FINAL INCOME TAX RETURN for previous year.
− File ESTIMATED INCOME TAX RETURN for current year
− File ASSETS TAX RETURN (companies)
MARCH, JUNE, SEPTEMBER, DECEMBER 15th
− Estimated Income Tax quarterly payments due
MARCH 31ST
− File EMPLOYER’S ANNUAL RETURN (SO2)
APRIL 1ST
− Property Tax payments due
We Do More
10. LET US HELP YOU ACHIEVE
FURTHER BUSINESS SUCCESS
Please do not hesitate to
contact us if you require any
clarification or additional
information.Please use any of
the following to contact our
firm:
Head Office :
Unit 34,Winchester Business
Centre 15 Hope Road,
Kingston 10
Tel : 876-9084007
Fax : 876-7540380
Email:info@uhy-ja.com
Branch Offices:
Oxford House, 6 Oxford Road ,
Kingston 5,
Tel: (876) 926-3562 to 4
Fax: (876) 929-1300
Montego Bay-Shop EU 6, Whitter
Village,Ironshore, St. James
Tel : 876-9533793/953-8486
Fax: 953-3058
Mandeville-Shop 2B Caledonia
Mall, Caledonia Road, ,Manchester
Tel : 962-6369
Fax: 754-0380
Ocho Rios-101B Main Street,
St. Ann
Tel : 9748772
Fax:876-974-5373
www.dawgen.com