Effective January 1, 2014 unregulated companies and self-employed individuals, engaged in a trade, vocation or profession, will be entitled to claim a non-refundable Employment Tax Credit (ETC) when computing their net income tax liability. However to qualify for the credit, the eligible persons will have to file and pay their monthly payroll statutory deductions on time.

The amount of ETC which may be claimed in respect of each year of assessment will be equivalent to the total amount of payroll deductions and contributions for Education Tax, NHT, NIS and HEART, which have both been declared and paid on time for employees during that year. Eligible persons are therefore encouraged to file and pay their monthly payroll deductions (S01) on a timely basis in order to benefit when filing their final income tax return.

Source: JamaicaTax.gov.jm

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