Senate approves GCT regulations
The General Consumption Tax (GCT) Regulations, enabling several entities to file a single tax return, were approved by the Senate on Friday.
This followed endorsement of the Regulations Committee's report regarding the GCT (Amendment) (No. 2) Regulations 2015 under the GCT Act.
Minister of Education, Youth and Information Ruel Reid, in presenting the report to the Senate, noted that the regulations cement changes made to the GCT Act in 2014 to introduce the concept of GCT groups.
He explained that the amendments "created a system to allow a GCT group of two or more affiliated entities, that is, companies and body corporates, including those registered under the Banking Services Act and Securities Act, to delegate a representative entity within the group to file a single taxpayer return."
This adjustment, he noted, would serve to reduce costs to the entities and allow for a more streamlined system of filing returns without reducing revenue to the Government.
Reid said that the regulations would facilitate implementation of this legislative change by setting out the procedures and forms needed for GCT groups to file a single tax return via its representative entity.
"The Principal Act requires such changes to the regulations to be made subject to negative resolution. Accordingly, the regulations were laid before the Senate and referred to the Regulations Committee of the Senate," he said.
He noted that the committee, which heard from representatives of the Ministry of Finance and the Public Service and Tax Administration Jamaica, "had no objections to the regulations".
Opposition Senator Mark Golding voiced his support for the regulations.