If you operate a business in Jamaica, there are tax dates you need to remember. These dates are crucial to your financial calendar, as missing these deadlines attract interests and penalties for non-payment of taxes. For example, NHT, all income taxes such as P.A.Y.E and G.C.T accumulate daily interests and penalties.
Let’s say your GCT is $10,000.00 and you have filed and paid it 3 months late, the penalty incurred is 15% and interest rate is 15%. In essence, 30% is charged on the $10,000 you missed, which is $3,000. This might not seem like much, but then 2.5% daily compound interest is calculated on that $3,000 for the 3 months you didn’t pay it. You would attract around $32,000 or more in penalty interest. You would think it easy to overlook these dates, in the general scheme of operating your business these date may not seem like a big deal to miss. You would be making a big mistake if you thought this however.
Don’t think that letting these dates slide is an o.k. thing to do. Missing tax deadlines can potentially ruin your business. $500 outstanding on GCT could become millions over a 2 year period.To prevent this – file and make your payments on or before the stipulated due dates.
Add these dates to your calendar so you will never miss a beat…
Tax Dates to Note:
14th DAY OF EACH MONTH
Employer’s Monthly Statutory Remittance Payroll Deductions’ (SO1) are due.
LAST DAY OF EACH MONTH
Pay & file General Consumption Tax Returns
MARCH 15th
Pay and file final Income Tax Return for previous year
File Estimated Income Return for current year
File Asset Tax Return (companies)
MARCH, JUNE, SEPTEMBER, DECEMBER 15th
Estimated Income Tax quarterly payments are due
MARCH 31ST
File Employer’s Annual Return (SO2)
APRIL 1ST
Property Tax payments are due
Have you ever missed a tax deadline before? Tell us about your experience in the comments section.
This is no joke the penalties do add up. Its even better to file and pay at a later date but file on time.