Jamaican Tax Dates you Need to Remember

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.

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1 thought on “Jamaican Tax Dates you Need to Remember”

  1. Janice Dacres Jones

    This is no joke the penalties do add up. Its even better to file and pay at a later date but file on time.

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