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June tax returns extension expires tomorrow, TAJ reminds business operators

Published:Thursday | August 14, 2014 | 8:26 PM

Tax Administration Jamaica (TAJ) is reminding business operators that the extension for filing General Consumption Tax returns for the month of June expires tomorrow.



Last week, acting Commissioner General of the TAJ, Ainsley Powell, announced the extension of the due date from July 31 to August 15.



He explained that some suppliers and government entities were experiencing challenges in fully implementing the new policy and needed more time to work through the changes.



Under the new policy which took effect on June 1, government entities withhold the GCT on their purchases from suppliers and pay over to TAJ.



To accommodate the new requirement 400 government entities have been registered as Tax Withholding Entities.



As a result, they are responsible for providing their suppliers with withholding tax certificates.



This allows suppliers to claim the amounts on the GTC as credit when filing their returns.



Tax Administration says those government entities which are also tax withholding entities that have not uploaded the information for suppliers, should continue doing so in light of tomorrow’s deadline.



As of June 1, all Government ministries, departments and agencies started paying GCT on purchases as part of tax reforms under the agreement with the International Monetary Fund.



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