Tax Administration Jamaica (TAJ) is to begin paying Income Tax refunds directly into bank accounts, instead of making payments by cheques. The TAJ says an Electronic Funds Transfer (EFT) Project is now being piloted to accommodate this change. Beginning August 2014, individuals claiming a PAYE Income Tax refund, including pensioners, will be required to submit their banking details in order...

The Development Bank of Jamaica (DBJ) has expanded this year’s second staging of its annual venture capital conference, following overwhelming response to the first one held in 2013. This year’s conference, being held under the theme: ‘Towards a Dynamic Ecosystem…Linking Capital, Innovation and Entrepreneurship for Growth’, will be held over three days, up from one in 2013, from September 8...

The Statistical Institute of Jamaica (STATIN) is reporting a decrease of 3.3 per cent in the unemployment rate for April 2014. STATIN says the unemployment rate for April 2014 was 13.6 per cent, compared to 16.3 per cent in April 2013. The latest Labour Force Survey compiled by STATIN also shows that the unemployment rate among youth aged 14 to...

The Senate, last week, approved adjustments to the proposed Tax Collections (Miscellaneous Provisions) Act, 2014, and the Tax Penalties (Harmonization) Act, 2014, with 18 additional amendments to those advanced by the Lower House, on July 23. The amendments are intended to improve and increase collection of the various domestic tax types. This by introducing new collection mechanisms and also achieving...

Finance Minister, Dr. the Hon. Peter Phillips, says the Government will continue to work with investors in the Information and Communication Technology (ICT) sector, to find creative ways to address operational costs, especially in the area of energy. In an interview with JIS News after he toured the soon-to-be-opened Barnett Tech Park in Montego Bay, on August 4, Dr. Phillips...

Tax Administration Jamaica (TAJ) is reminding business operators that GCT returns for the month of June is due on Thursday July 31, 2014. Under the new policy relating to GCT on Government purchases, suppliers filing GCT returns and claiming credit, based on Withholding Tax Certificates (WTC) issued to them by a government Tax Withholding Entity (TWE), are reminded that they...

A Bill aimed at modernizing Jamaica’s public procurement laws was laid in the House of Representatives on July 30. The Bill entitled, the Public Procurement Act, 2014 was tabled by Minister with responsibility for Public Service in the Ministry of Finance and Planning, Hon. Horace Dalley. In a statement to the Lower House, Mr. Dalley said the law will reflect...

The House of Representatives has approved two Bills, aimed at facilitating the collection of taxes and improve the rate of compliance by Jamaicans. They are the Tax Collection (Miscellaneous Provisions) Act, 2014 and the Tax Penalties (Harmonization) Act. They were passed on July 23. Closing the debate, which began on July 22, Minister of Finance and Planning, Dr. the Hon....