Success Lifestyle Magazine Issue 9 June 2021 - Page 7

Why should entrepreneurs file taxes in Jamaica ?
How often should entrepreneurs file their taxes in Jamaica ?
Tips for Filing Taxes in Jamaica
Why should entrepreneurs file taxes in Jamaica ?
Here are five reasons you should file your taxes as an Jamaican entrepreneur .
Your business can be audited by the government . You ’ ll have serious problems if your tax records aren ’ t up-to-date .
Filing taxes and having accurate financial records can open doors for you . For instance , you would be able to access loans , NHT benefits , and an NIS pension as a sole trader .
There are different tax categories such as statutory tax , general consumption tax ( GCT ), and income tax . Income tax is filed annually and should be filed before March 15th each year .
Camile Clarke
consultant or accountant for help if you ’ re not filing your taxes and the government catches up with you .
How often should entrepreneurs file their taxes in Jamaica ?
You can ’ t open a business bank account if your business isn ’ t registered . Registering your business with the Tax Administration of Jamaica ( TAJ ) is a part of the process . Some financial institutions may ask you to provide a Tax Compliance Certificate ( TCC ) which you can only get from the TAJ if you ’ re filing your taxes .
Filing taxes also makes you eligible for tax relief and other benefits . For example , there was a COVID relief of a $ 350,000 business tax credit . You could only access that credit if your business was tax compliant .
Paying your taxes also increases the chances of you getting loans for your business . Your tax records are an important part of what bankers use to assess loan eligibility .
It ’ s always best to keep your business tax compliant . There ’ s no running to a tax
Issue 9 : June 2021
GCT is filed at the end of the month . Your GCT filings are based on what you earned in the month prior . They are due on the last working day of the following month . For instance , your GCT filings for June 2021 would be due on the last working day of July 2021 .
Sole traders don ’ t file monthly returns unless they have staff within their organizations . Companies file an annual return for their statutory taxes . The government requires the annual filing to reconcile the monthly statutory payments the company would be making monthly . The annual filing is due on March 15th each year .