TAJ exceeds year-to-date collection target
Preliminary figures indicate that Tax Administration Jamaica (TAJ) has again surpassed the year-to-date collection target for the 2017/18 fiscal year.
For the period April to December 2017, the revenue authority collected $207.7 billion which represents 106.1 per cent of the $195.7 billion target., TAJ said in a release.
That performance continues the positive trend recorded over the last three years, with the authority being on track to exceed the $283.4 billion annual target, it added.
“This positive outcome is as a result of the continuation of focused compliance strategies which began last financial year, and resulted in TAJ surpassing its annual target for 2016/17,” the release said.
Compliance efforts included closer monitoring of arrears which was facilitated through the implementation of the Revenue Administration Information System; the mandating of medium taxpayers to file their returns online, and application of a system-generated penalty of $5,000 per month per return for late filing, TAJ said.
In addition, the compliance activities have been bolstered by the passing of several pieces of legislation such as the Access to Third Party Information and Garnishment.
The service and education push continued as taxpayer education teams, technical specialists, client relationship managers and customer care agents interfaced with taxpayers to educate and inform them of their rights and obligations as well as provide tax information and assistance.
Seminars, workshops, sensitization sessions and speaking engagements were some of the strategies employed. Making more information available through traditional media and on social media was also employed.
TAJ will continue to utilise all the avenues available to encourage and foster voluntary compliance through moral suasion. Notwithstanding, tax evaders will be aggressively pursued through intelligence and enforcement actions and brought to book, it said.