3^rd Quarter Estimated Income Tax Payments Due Sept 15

Companies and self-employed persons are reminded that Wednesday, September 15 is the due date to pay their 3rd quarter estimated income tax for 2010 and also that the Tax Administration has introduced an online payment option to make it easier to do so.

Business persons are now able to log on to the Tax Portal at www.jamaicatax-online.gov.jm from the convenience of their home or office and at any time, to pay their estimated income tax using a valid credit card. The Tax Administration’s online service now accommodates the filing and payment of all major tax types, including Property Tax, General Consumption Tax and Payroll Taxes.
In addition to the online option, business persons are reminded that estimated income tax payments may be made at any of the 29 tax offices. Persons paying by cheque may also pay using the electronic drop boxes located in main tax offices.
Under the Income Tax Act, taxpayers are required to calculate their estimated income and the applicable tax for each year and pay the amount to the Collector of Taxes, Inland Revenue Department in four (4) quarterly instalments by March 15, June 15, September 15 and December 15 of each year. However this requirement does not apply to persons whose only source of income is from employment and whose taxes are paid under the Pay As You Earn (PAYE) system.
Estimated income for the year is determined by computing projected profits, gains or losses from a trade, profession or business, less projected business expenses (i.e. expenses wholly and exclusively incurred in earning the income) for the period. The applicable tax rate of 33 1/3% for companies and 25% for individuals or self-employed proprietors would then be applied to the estimated taxable income projected for the year. Self-employed persons are also reminded that they are entitled to the current threshold (tax free amount) of $441,168.
For further information persons may contact the Tax Administration’s Customer Care Centre at 1-888-Tax-Help (1-888-829-4357) toll-free or visit our website www.jamaicatax.gov.jm