Employers Monthly Payroll Deductions (S01) Due Today
By: , January 14, 2015The Key Point:
The Facts
- The ETC allows eligible employers to make a claim when computing their income tax liability, starting with the year of assessment 2014 due in March of this year.
- With the ETC, employers stand to benefit from reduced labour cost, increased after tax profits and a lowered effective rate of income tax.
The Full Story
Employers are reminded that their Monthly Statutory Remittance payroll payments (S01) for the December period are due Wednesday, January 14, 2015 and are encouraged to file and pay these amounts on time to benefit from an Employment Tax Credit (ETC).
The ETC allows eligible employers to make a claim when computing their income tax liability, starting with the year of assessment 2014 due in March of this year. With the ETC, employers stand to benefit from reduced labour cost, increased after tax profits and a lowered effective rate of income tax.
Employers are reminded that their monthly payroll deductions must therefore be made on or before the fourteenth day of each month, to become eligible for ETC and also to avoid attracting interest and penalties. Any statutory deductions paid after the respective due date or in respect of a month for which the Form S01 is filed late will not be taken into account when computing the ETC.
The Employment Tax Credit (ETC), was introduced in January 2014 and forms part of the Government’s fiscal incentives regime.
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.