JIS News

Business operators and self employed persons are being reminded that their second quarter estimated income tax for 2007 is due and payable by Friday, June 15.
Speaking with JIS News, Director of Pubic Relations at the Tax Administration Services Department (TASD), Meris Haughton, informed that payments could be made at any collectorate of the Inland Revenue Department and persons should make every effort to pay their estimated income tax on time, in order to avoid penalties.
Under the Income Tax Act, taxpayers are required to calculate their estimated income and the applicable tax for each year and pay the amount to the Collector of Taxes in four quarterly instalments by March 15, June 15, September 15 and December 15 of each year.
This requirement, Miss Haughton noted, was not applicable to persons whose taxes are paid under the Pay As You Earn (PAYE) system.
Explaining how estimated income is calculated, the Director noted that this was determined by adding one’s projected profits, gains or losses from a trade, profession or business, less projected business expenses, that is, expenses wholly and exclusively incurred in earning the income for the period.
“The applicable tax rate, which is 33 1/3 per cent for companies, and 25 per cent for individuals or sole proprietors, would then be applied to the estimated taxable income projected for the year,” she continued. In addition to making the payments directly at any of the 28 Collectorates islandwide, persons paying by cheque may use the electronic drop boxes that are available at the Collectorates at King Street, Cross Roads, Constant Spring, Spanish Town, Mandeville and Montego Bay.
Persons who need additional information on how to file their estimated income tax returns may call the tax helpline at 1-888-Tax-Help (1-888-829-4357) or visit the Tax Administration Service’s website at www.jamaicatax.gov.jm.

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