Revenue inflows increased nine per cent in first quarter
Published:Saturday | August 4, 2018 | 9:52 AM
Tax Administration Jamaica (TAJ) says preliminary figures indicate that it has surpassed the revenue collection target for the first quarter of the 2018-19 fiscal year.
TAJ reports that between April and June it collected $79.9 billion.
According to the tax authority, this is 9.2 per cent above the target of $73.2 billion.
“This performance continues the positive trend recorded over the last four years, with the authority being on track to exceed the $320 billion annual target,” the agency said in a statement yesterday.
TAJ says the growth in revenue is as a result of its continued of focused compliance strategies, which began during the last financial year.
The agency also surpassed its annual target for the 2017-18 fiscal year.
These compliance strategies include closer monitoring of arrears, which was facilitated through the Revenue Administration Information System (RAiS), and mandating all GCT taxpayers to file their returns online.
TAJ says it will continue to utilise all the avenues available to encourage and foster voluntary compliance through moral suasion, but warned that tax evaders will be aggressively pursued through intelligence and enforcement actions and “brought to book.”
We want to hear from you! Send us a message on WhatsApp at 1-876-449-0169, email us at editors@gleanerjm.com or onlinefeedback@gleanerjm.com.