Countdown to March 15 Income Tax Filing Deadline

Tax Administration Jamaica (TAJ) is reminding business operators that they have less than two (2) weeks remaining to file their income tax returns ahead of the March 15 deadline. Self-employed individuals, partners, companies, other bodies and employed persons with additional sources of income are therefore urged to prepare and file their annual return for 2014 and declare their estimated income for 2015 early, to avoid the usual last minute rush.

Self-employed persons are reminded that they are to use the new S04 and S04a forms to submit their annual return and estimated income, taxes and contributions, for 2014 and 2015 respectively. These forms conveniently capture payments for income tax, education tax, as well as NHT and NIS contributions for self-employed persons. Individuals are therefore no longer required to visit multiple agencies, or use multiple forms, at various times, to meet their statutory obligations.

The S04 forms for self-employed persons, as well as the income tax forms for other categories of persons are available for download from the TAJ website at www.jamaicatax.gov.jm. Persons are advised to use the version of the form that relates to the applicable filing year, as the income tax forms have been revised to reflect recent legislative changes.

In an effort to assist small business operators to prepare their tax returns to meet the March 15 due date, the TAJ has been conducting its annual Special Taxpayer Assistance Programme at several locations across the island. Persons who wish to use the free TAJ service are advised to take with them all their business related documents. These include their Taxpayer Registration Number (TRN), bank statements, purchase invoices, receipts, sales records, utility bills, wage records and any other records that can be used to verify income and expenses. Details of all venues, dates and times for the sessions are available through the TAJ Customer Care Centre 1-888-TAX-HELP (829-4357), the nearest Tax Office and via the administration’s website.

All categories of taxpayers are advised that their returns must be filed on or before the March 15 due date to avoid a $5,000 penalty which may be charged for each month the return is late.