Countdown to income tax deadline begins
Taxpayers lined up inside a revenue centre in Kingston. - File
AS THE countdown to the March 15 deadline for income-tax returns begins, the tax administration has issued a reminder to taxpayers urging them to make preparations for the annual payments.
As at November 2009, the Ministry of Finance recorded an $18.6-billion shortfall in tax revenue.
The tax administration yesterday issued a reminder to companies, organisations, self-employed persons and employed persons with other sources of income.
"Business persons are being urged to use the next two months to prepare their final income-tax return for 2009 and a declaration of estimated income and tax payable for 2010 and to file and make their payments on or before March 15," a release from the tax administration stated.
Aid with filing returns
Small business operators will receive support from the tax administration this year. The government agency will host its annual Special Taxpayer Service programme. The programme is currently under way and will provide assistance to small business operators to complete their income tax returns.
Special service points will be set up at tax offices and other locations across the island. The locations have been finalised and interested persons may get details of the programme through their local tax collectorate or by contactingthe administration's customer care centre at 1-888-TAX-HELP (1-888-829-4357).
Taxpayers are also reminded that the relevant income tax return forms and schedules may be picked up at any of the 29 collectorates islandwide or downloaded from the tax administration's website at www.jamaicatax.gov.jm.
Points to note
Care should be taken to ensure that the correct forms are used. As a quick reference, it should be noted that:
Form IT01 is for self-employed persons, partners, and employed persons with other sources of income.
Form IT02 is for companies and other corporate bodies.
Form IT03 is for partnerships and other unincorporated bodies such as trusts and estates.
Form IT04 is for life assurance companies.
Form IT05 is for pensioners and employed persons claiming a refund.
Form IT07 is for all categories of persons who must also file a declaration of estimated income and tax payable for the year 2010.
It is important that these forms are correctly completed and submitted to any collec-torate and cheques made payable to the Commissioner of Inland Revenue or the Collector of Taxes by March 15.