CrichtonMullings & Associates

09/26/2022

11/10/2021

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11/10/2021

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01/19/2015

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12/02/2014

General Consumption Tax (GCT)

This is a reminder for companies and individuals in business that monthly General Consumption Tax (GCT) returns and payments are due by the last working day of the month following the end of the taxable period. As such, please be advised that GCT returns and payments for the month of October 2014 are due by Friday, November 28, 2014.

Previously, GCT returns were due on the last day of each month and where the last day of the month was on a weekend or public holiday, taxpayers would have until the next working day to submit the return and payment without being considered late. Please be advised that this arrangement no longer applies.

All GCT returns filed and paid after the last working day of the month will be considered late and will attract the applicable penalties and interest charges.

For further information, please refer to the amendments to the GCT Act or contact CrichtonMullings at 1-876-978-2630.

09/12/2014

Minimum Business Tax (MBT)

This is a reminder for Jamaican companies and individuals in business, including partners and self-employed persons, that the second installment of $30,000 for the Minimum Business Tax (MBT) is due on September 15th.

The MBT applies to a company or corporate body (other than an entity that is a charitable organization registered under the Charities Act) incorporated or registered under the Companies Act, Building Societies Act, Friendly Societies Act and the Industrial and Provident Societies Act.


The MBT also applies to individuals who operate a trade, profession, vocation or business and whose annual gross revenue is not less than three (3) million dollars (excluding salaries and wages earned).

The Minimum Business Tax can now be paid online and the payment advice can be downloaded from the Tax Administration of Jamaica website.

Please be advised that persons who had not made the June 15th payment are now liable to pay the full $60,000 and that outstanding amounts will attract the applicable penalties.

For further information, please contact us at (876) 978-2630

08/19/2014

Please see below, important dates for filing certain corporate and individual tax returns that filed extensions in March and April 2014.

Tax Filing Deadlines:

• September 15th, 2014 (extension deadline) – Corporations and S Corporations – File Form 1120 or 1120S and pay any tax due.

• October 15th, 2015 - Individuals and Partnerships - File Form 1040 or Form 1065 and pay any tax due.

Please contact us at your earliest convenience if you have any further questions regarding the above information.

06/26/2014

The deadline for filing the FBAR for calendar year 2013 is June 30th, 2014.

Who Must File FBAR (FinCEN 114)
United States persons are required to file an FBAR if:
1. The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
2. The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.

Please contact us at your earliest convenience, if you have any questions on the information above.

06/13/2014

Minimum Business Tax
On March 31, 2014 the Minister of Finance and Planning issued a gazette order entitled, The Provisional Collection of Tax (Minimum Business Tax) Order, 2014, which imposed a Minimum Business Tax on certain companies and individuals, effective April1, 2014.
This tax is not an income tax, but a business tax. Therefore, once a business is in existence whether dormant, active, or loss making, they will be required to pay this tax.

Specific tax advice should be sought from a professional tax advisor. Please contact us at [email protected] for further information”

03/11/2014

02/27/2014

The 2013 Tax filing season is well underway. If you are a US citizen or US resident (green card holder) living and working outside of the United States, please be reminded that you are required to file a US income tax return by April 15th, 2014.

If you haven't done so already, please contact us to get started or email us at [email protected]