Gov’t Makes Special Provisions For Businesses, SLB Borrowers

Up to June 30, Tax Administration Jamaica (TAJ) will facilitate the issuing of single-use Tax Compliance Certificates to companies that may fall into non-compliance due to the coronavirus (COVID-19).

Additionally, TAJ will issue no new summons, or initiate new court proceedings or enforcement action for non-compliance, until after June 30. However, reminders and notices will continue to be generated.

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, announced the special provisions while closing the 2020/2021 Budget Debate in the House of Representatives on Tuesday (March 24).

Meanwhile, Minister Clarke said that the Students’ Loan Bureau (SLB) has extended the moratorium period for the repayment of loans.

Graduates now have 14 months to begin payment after graduation, instead of the previous six months.

“For loans currently in repayment, the SLB will waive late fees for the period April to June and the SLB will defer all loans in repayment – principal and interest – for three months. That is, the SLB will waive late fees for April, May and June,” he said.

Dr. Clarke said that this will not result in losses to the Bureau.

He commended the country’s financial institutions for their proactive approach to the public health emergency.

“We are pleased to see financial institutions initiating conversation with their personal and business customers to defer principal payments, restructure loans and waive fees. This is good and needs to continue,” he said.