JAMAICA TAX
Death and taxes. They may be an odd pair but, whether we like it or not, they’re a certain part of our lives.
Everywhere we go, whatever we do, we have duties to take care of. Taxes are a part of our daily lives. And like all countries, Jamaica has its own Jamaica Tax Laws that the citizens adhere to.
Jamaica Tax is one of the country’s major sources of income. This is the reason why it is very important that the taxpayers submit their returns and pay their taxes on time because these are used to fund the government’s expenditures. The Income Tax Act is managed by the Jamaica Taxpayer Audit and Assessment Department which makes sure that all aspects of the Act are adhered to and that the taxpayers are going to pay the accurate amounts. Income tax was not introduced in Jamaica until 1920. The Commissioner is the head of the Department and is tasked the responsibility in relation to all income tax assessments. The Inland Revenue Department takes responsibility for the collections.
The Jamaica Taxpayer Audit and Assessment Department offers the following services to its taxpayers: assistance, information and education; issuance of refunds; settling tax-related disputes and objections; tax audit and assessment; issuance of exemption; reviewing of incentive, superannuation and charitable schemes; monitoring of employers; and providing data for the Ministry of Finance.
Jamaica tax collection is being closely monitored by several departments such as the Taxpayer Audit and Assessment, Inland Revenue, Jamaica Customs, Tax Administration Services, Taxpayer Appeals, and Director General’s Executive Office.
Jamaica tax has the following income tax rates and allowances:
Tax free income – $ 120,432
Pension Exemption – $ 45,000
Golden Age Exemption – $ 45,000
Tax Rate for Individuals – 25%
Tax Rate for Companies – 33 1/3%
The Jamaica Tax Administration website provides in-depth tax information on individuals, businesses, practitioners, and charities. The information on individuals is subdivided into sections. These are Jamaica tax for pensioners, pay-as-you-earn, self-employed, non-residents, and students. For a more comprehensive discussion on these, you may visit www.jrs.gov.jm/.
Regardless of which country in the world you belong to, it is imperative that you pay your taxes. The Jamaica taxes that are collected would dictate the Government’s ability to implement useful programs and social services that will in turn, be beneficial to the taxpayers. Such programs are hospitals, schools, roads, and additional police and fire services. These government “expenditures” are carefully created to lessen the effects of poverty and unemployment in the country.
Knowing where your money goes to does not really make it such a burden to pay taxes. Overall, if it means better roads, more schools and hospitals, safer environment, and less percentage of poverty, then who are we to complain?