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2014, June 26 - Minimum Business Tax Still in Effect, Says TAJ

BAS Bulletin – June 26, 2014
(Extracted from the Gleaner Online dated June 26, 2014)

The Tax Administration Jamaica (TAJ) is seeking to clarify that the minimum business tax provisional order is still in effect.

It was earlier reported that the Government has temporarily put on hold the implementation of a minimum business tax with the withdrawal in the House of Representatives yesterday of the resolution to establish the tax.

However, the TAJ says it is the Resolution to confirm the Minimum Business Tax Order with modification which has been withdrawn and not the Order itself.

It explains that following consultations with key stakeholders further modifications have been considered since the original Resolution was tabled.

The TAJ says as a result a new resolution is to be tabled with the modifications.

It says the minimum business tax Order of April 1, 2014 therefore remains in effect.

Companies and individuals in business are being advised by the TAJ that the first payment of $30,000 for the new Minimum Business Tax was due and payable on June 15.

It says outstanding payments are still to be made at any tax office, using a payment advice.

The tax, which was implemented in April 2014, requires persons operating a business to pay a Minimum Business Tax of $60,000 for the year due in two installments on June 15 and September 15.

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