KINGSTON, Jamaica, CMC—The Jamaica authorities has prolonged the Particular Arrears Settlement Programme to Could 31 this 12 months. This system goals to alleviate taxpayers of unpaid curiosity, penalties, and tax surcharges.
“We’re happy to announce that as of March 31, 2025, our evaluation confirmed that this system has been very profitable in amassing over J$10.5 billion (One Jamaica greenback=US$0.008 cents), surpassing the J$10-billion goal and thereby indicating a willingness by taxpayers to pay their principal taxes and to learn from the waivers of curiosity, penalty, and surcharge,” Finance and the Public Service Minister, Fayval Williams, informed Parliament.
The federal government mentioned that the measure will embrace the Training Tax, Company Earnings Tax, Particular person Earnings Tax, pay-as-you-earn (PAYE), Particular Consumption Tax, Basic Consumption Tax, Asset Tax, and Partnership Earnings Tax.
Williams mentioned the J$10.5-billion cost of principal taxes would lead to roughly J$12 billion of curiosity, principal, and surcharge waivers.
“Whereas there may be nonetheless an enormous quantity of principal, curiosity, penalty, and surcharge arrears on the accounts, the Particular Arrears Settlement Programme has been an efficient option to scale back the inventory of debt on the books of Tax Administration Jamaica (TAJ),” she mentioned.
Because the program started in January 2025, greater than J$615 million in curiosity, penalty, and surcharge has been faraway from the system, only a fraction of the quantity to be eliminated primarily based on principal funds.
The Finance Minister mentioned the TAJ’s system is being configured to robotically take away the qualifying curiosity, penalty, and surcharge by the tip of April 30, 2025.
“That is to say to taxpayers that they could nonetheless see the curiosity, penalty, and surcharge on their accounts however know that the TAJ is working assiduously, such that each one the accounts shall be up to date by the tip of April 2025.
“The TAJ information present that Compliance Officers remodeled 30,000 contacts or interventions with taxpayers owing over J$43 billion in principal taxes with related curiosity, penalty, and surcharge of $49 billion. Of that, ninety p.c of those taxpayers have expressed curiosity in paying their principal taxes,” she added.
Williams, nevertheless, famous that many taxpayers with large principal balances have discovered it difficult to supply the mandatory funding to pay the principal taxes within the restricted time given underneath the Particular Arrears Settlement Programme.
“Consequently, this system is being prolonged to Could 31, 2025, to permit extra taxpayers to learn. The great public consciousness program and compliance actions that supported the waiver program shall be continued.”
The Particular Arrears Settlement Programme was applied to encourage taxpayers to pay their principal quantities by the March 31, 2025, deadline.
The announcement was additionally made in recognition of the nation’s important climate occasions, together with Class 5 Hurricane Beryl and Tropical Storm Rafael, which left many companies and people in a state that required rebuilding.
