Businesses are Reminded of Tax Returns due March 31

Tax Administration Jamaica (TAJ) is reminding business persons and employers that their Income Tax Returns and Annual Employer’s Return for the 2020 filing period are due on March 31.

Companies, Partnerships, Self-employed persons and employed persons with other sources of income, have until the extended Income Tax deadline of March 31 to file their Final Income Tax Return for 2020 and Estimated Return for 2021 without any charges being applied.

Similarly, employers are expected to file the Employer’s Annual Return (S02). Returns for both categories of taxpayers MUST be filed online using the Tax Authorities’ tax portal www.jamaicatx.gov.jm, on or before March 31 to avoid an automatic late filing penalty of $5,000 per month or part thereof.

Corporate bodies are reminded that due to the delayed introduction of the revised Income Tax Return (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 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 financial year 2020.

Additionally, employers are reminded that the (S02) Return can only be filed online using the tax portal at www.jamaicatax.gov.jm, and can only be done once employers and/or their agents are registered to do so.

This filing period, taxpayers are urged to use the additional convenient options at their fingertips to make payments for their Income Tax and Employers Annual Returns electronically, with the most recent addition being that of the National Commercial Bank (NCB). Customers of NCB are now able to use their online banking platform by adding TAJ as a Payee. Further, payments can be made via the Tax Authority’s website www.jamaicatax.gov.jm using a credit card or other banking card with credit card features, using the Bank of Nova Scotia’s automatic direct deposit via TAJ’s website or via the new Direct Funds Transfer process.

In addition to the various online options now available, persons are being reminded that tax payments may still be made at any of the 28 Tax Offices. If visiting a Tax Office becomes necessary, persons are urged to cooperate with the instructions of security personnel at its locations, to form an orderly line, wear a mask, sanitize their hands and maintain the recommended physical distance of at least 6 feet. The necessary COVID-19 protocols have been implemented for the safety of staff and clients.

For further information persons may contact the Tax Administration’s Customer Care Centre at 888-Tax-Help (888-829-4357) toll-free or visit our website www.jamaicatax.gov.jm.