JIS News

Story Highlights

  • Tax Administration Jamaica (TAJ) is reminding business owners that the second payment of $30,000 for the Minimum Business Tax is due on Monday, September 15.
  • The tax, which was implemented on April 1, 2014, requires persons operating a business to pay $60,000 per year in two installments, the first of which was due on June 15.
  • Business owners, who pay the Minimum Business Tax, are able to re-claim as credit, the amount paid at the end of the year, if they register a loss in their operations.

Tax Administration Jamaica (TAJ) is reminding business owners that the second payment of $30,000 for the Minimum Business Tax is due on Monday, September 15.

The tax, which was implemented on April 1, 2014, requires persons operating a business to pay $60,000 per year in two installments, the first of which was due on June 15.

Business owners, who pay the Minimum Business Tax, are able to re-claim as credit, the amount paid at the end of the year, if they register a loss in their operations.

Speaking in an interview with JIS News, Communications Officer at the TAJ, Kimberly McCloud, said there were some challenges in receiving payments in June, which she attributed to the fact that the tax was new.

She is reminding persons, who have outstanding payments, to pay up soon so as to avoid penalties.

She said failure to pay the tax will result in interest being charged on the outstanding amount. “There is the imposition of a penalty of a percentage of the amount that is due, and the longer a taxpayer waits to pay the Minimum Business Tax, the greater the penalty, because that penalty increases,” she informed.

In the meantime, Ms. McCloud said the TAJ continues to ensure the smooth and easy payment of taxes and has introduced the online payment option for the Minimum Business Tax as well. “Persons can log on to www.jamaicatax-online.gov.jm and use their credit card to make their Minimum Business Tax payment online,” she said.

Persons, who do not have a credit card, may download the required form online and make payments at any tax office island-wide.

Ms. McCloud is encouraging persons, who can make their payments early to do so to avoid a rush at the tax offices, and penalties that may follow.