(Extracted from the Observer dated Jan 13, 2014)
TAX Administration Jamaica (TAJ) will require some businesses to report information relating to their depositors, independent contractors, suppliers and business customers starting April.
The strategy is being implemented in an effort to widen the tax net and to allow the department to better identify under-reporting.
The information gathered will be used to validate returns filed by business taxpayers.
Companies, self-employed individuals and partnerships are therefore cautioned to file a true assessment of their business activities for GCT, payroll and income tax purposes.
However before finalising the strategy, contact will be made with the affected groups and taxpayers to familiarise them with the new requirements.
Following discussions with stakeholders, formal requests for the data will be sent.
Recent amendments to the Revenue Administration Act of 2013 gives the Commissioner General of Tax Administration Jamaica the authority to request third party information from companies and other businesses, as well as from government ministries, departments or agencies.