$236 billion Tax Administration revenue target to be met
Sheldon Williams, Gleaner Writer
With the new fiscal year set to begin on April 1, Tax Administration Jamaica (TAJ) is aiming to meet the $236 billion revenue target for the current fiscal year.
It is also seeking to improve the efficiency of its operations going into the new fiscal year.
As a result, the TAJ says greater attention is being placed on the examination of the payroll records of businesses.
It says this strategy is being implemented as there continues to be employers who are delinquent in deducting and paying over the correct amounts on a timely basis, as is required by law under the Pay-As-You-Earn (PAYE) regime.
The activity is being done in collaboration with the National Housing Trust, which also has an interest in employers being compliant.
The TAJ says employers found to be in breach will be directed to make all outstanding payments or make arrangements to pay.
Persons who fail to comply will be brought before the Court.
As an added incentive, all employers are encouraged to pay their monthly statutory payroll deductions on time and in full.
This will allow them to be eligible for the recently introduced Employment Tax Credit, which forms part of the Government’s Fiscal Incentive Regime.
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