Last month Tax Administration Jamaica’s (TAJ) Special Enforcement Team (SET) with the support of the Jamaica Constabulary Force (JCF) began conducting a number of tax recovery operations in the parish of St. Thomas. This series of operations is targeting Thirty-five (35) chronically delinquent taxpayers in the parish who have failed to settle outstanding taxes, despite numerous efforts on the part of the tax authority to recover those amounts.
The tax recovery activities are being conducted in two phases, the first of which will entail members of SET or the local tax offices contacting the delinquent taxpayers. The individuals contacted will be given until November 3, 2016 to make full payment or pay down a significant portion of the outstanding amounts with a commitment to settle the balance in short order.
The contacted taxpayers who fail to comply with the stipulated deadline given by the Tax Authority will face strong enforcement action beginning November 7, 2016 in the second phase of the operation. Members of the JCF will provide support to the Special Enforcement Team, to effect arrests for chronically delinquent taxpayers for whom bench warrants and warrants of disobedience have been issued.
Additionally, the Tax Administration Jamaica will also exercise the options under law, to issue Garnishment Notices, Seizure of Assets or starting the procedure of registering a lien on properties owned by these taxpayers where applicable to recover outstanding sums.
TAJ wishes to advise the public that similar operations will be conducted in other parishes in the coming weeks, as TAJ continues to carry out enforcement activities to ensure the protection of the revenue. Taxpayers, who have been contacted as a result of these increased enforcement activities, are strongly advised to make suitable arrangements with the tax authority to clear outstanding amounts, as non-compliance will result in enforcement action.
Source: Tax Administration Of Jamaica
This document provides general information on the use of the garnishment process by the Tax Administration Jamaica (TAJ). It explains the concept of Garnishment, the relevant provisions of the law and the basic rules of procedure for enforcing the law. It is intended for TAJ employees of all categories and the general public.
Tax Administration Jamaica (TAJ) is reminding all Reporting Financial Institutions (RFIs) that they are required to submit their FATCA reports for 2015 on or before May 31, 2016 pursuant to the Revenue Administration (Amendment) Act 2015 [RA(A) 2015].
Additionally, RFIs reporting for the first time are required to notify and provide TAJ with:
(i) The name of the RFI
(ii) The categorization of the RFI
(iii) The Global Intermediary Identification Number (GINN) of the RFI
(iv) The Full Name, Address, Designation and Contact Details of the FATCA Compliance Officer who is the RFI’s principal point of contact for FATCA purposes
by March 31, 2016, pursuant to s.9 of the RA(A) 2015.
The FATCA reporting requirement was introduced 2014, with the first set of reports submitted to TAJ by RFIs in September 2015. These were in turn successfully transmitted by TAJ to the US-IRS in accordance with the RA(A) 2015 and the FATCA Intergovernmental Agreement. Any applicable feedback from the US-IRS in this regard will be subsequently communicated to the RFIs.
The requirements for the 2016 submission in accordance with the IGA (Inter Governmental Agreement) are as follows:
- The Name, Address, US-TIN (Tax Identification Number) of the Account Holder
- The Account Number
- The Name and Identifying Number of the RFI
- The Account Balance or Value
- The total gross amount of interest, dividends or other income paid or credited to the account
Reporting Financial Institutions are advised that the TAJ portal will be opened in April 2016 to facilitate early submission of the FATCA report for calendar year 2015.
The FATCA submission process is facilitated through TAJ’s new Revenue Administration Information System (RAiS) that is accessible through its web portal at www.jamaicatax.gov.jm. The system employs industry standard security practices at the database and communication layers.
The RFIs will be required to upload their FATCA reports through RAiS. TAJ in turn will submit the files to the US-IRS on behalf of the RFIs and in accordance with the RA(A) 2015 and the FATCA Inter-Governmental Agreement.
RFIs are encouraged to contact TAJ before the May 31 submission deadline for any guidance on FATCA so as to avoid the last minute rush.
Source: Tax Administration Of Jamaica
Tune in to JNN, (channel 103 on the Flow Cable Network), this Friday May 27th, 2016 at 6:30pm, for an insightful and informative interview with our CEO Joan Ferreira-Dallas on the Kayon Vaz program "GLOBAL TRENDS- In Pursuit of Value", she will be speaking on issues of Tax as it relates to the securities market.
The following are highlights from the Jamaica Chambers of Commerce (JCC) January 14th, 2016 Newsletter
* Your tax questions addresses by Tax Administration of Jamaica
* Special Economic Zone Act Passed
* Notice for Release of the 4th Quarter 2015 Business & Consumer Confidence Indices Release
* Calls for Proposals - Contest for the creative and cultural industries in Latin America and the Caribbean
Download Full Newsletter Click Here
Source: Jamaica Chambers of Commerce Newsletter Jan 14, 2016
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