What types of businesses should file GCT returns in Jamaica ?
For sole traders , the GCT threshold is $ 10 million annually or $ 840,000 per month . You ’ re not authorized to collect GCT from your clients if your sales equate to less than this threshold . However , you should still file your GCT returns monthly to reflect this discrepancy .
Several businesses are no longer required to pay GCT because of the recent increase in the GCT threshold . Shana always ensures that her clients are privy to information like this . There are numerous recent tax exemptions and changes to the threshold that many are not aware of .