New S04 Form Introduced to Make Tax Filing Easier for Self-Employed Individuals

Tax Administration Jamaica (TAJ) advises that as of January 1, 2015, self-employed persons will find it easier to file and pay their taxes and statutory obligations with the introduction of a Self-employed Persons Annual Return of Income, Taxes and Contributions – Form S04. The new consolidated form will allow individuals to use one form to report on their annual income tax, education tax as well as their individual NHT and NIS contributions.

The S04 form replaces the IT01, ET01 and NHT and NIS annual declarations which previously had to be completed and submitted at three (3) separate agencies, with separate payments. This means self-employed individuals are now able to use one form, make one payment, at one place to meet their obligations, as payments can now be made at any tax office using the S04.

A consolidated estimated return form S04a has also been introduced, to be used by self-employed persons to report their projected income, taxes and statutory contributions. Such persons will therefore no longer use the form IT07 to declare their estimated income tax.

The S04 and the S04a are to be used by self-employed persons, as well as by persons who are employed but also have other sources of income, to file their annual return for year 2014 and estimated return for 2015, both due on or before March 15. The Jamaica Tax Portal is currently being upgraded to allow for the new S04 and S04a to be filed and paid online. Persons may however begin filing their returns at any tax office.  The forms will be available for download from the TAJ website www.jamaicatax.gov.jm as of January 1, 2015.

The rollout of the S04 and S04a is another step in the government’s amalgamation project, which is aimed at making it easier for persons to do business. In 2014 a single form S03 was introduced to facilitate quarterly estimated payments by self-employed individuals. While prior to that amalgamated forms S01 and S02 were introduced allowing employers to prepare a single report for monthly and annual obligations for taxes and statutory contributions, respectively. The project is a collaboration between TAJ, the National Housing Trust, National Insurance Scheme, HEART Trust NTA and the Ministry of Finance and Planning.

For further information persons may call the Tax Administration Customer Care Centre at 1-888-Tax-Help (1-888-829-4357) or visit the website www.jamaicatax.gov.jm