The second phase of the two tiered income tax threshold increase announced by the Minister of Finance & the Public Service in the 2016/17 Revenue Measures took effect on April 1, 2017.
This adjustment has resulted in an increase in the threshold or tax-free amount from $1,000,272 to $1,500,096 per annum, broken down on a periodic basis as follows:
Tax Administration Jamaica wishes to advise that the deadline to file Final Income Tax Returns for year of assessment 2016 and Estimated Returns for year of assessment 2017 has been extended until Saturday March 25, 2017. Business Owners, Self-Employed persons, Partnerships, Companies and Employed Individuals with other sources of income or multiple employment, will now have until then to file their returns before the interest and penalties are applied.
With just four days remaining to the MARCH 15 Income Tax filing due date, here are Ten Tax Tips that we invite you to note which will hopefully keep the tax police from knocking on your door..
1. Due Date
The due date for filing income tax returns is March 15. Remember you are required to file your annual return for 2016 and declare your estimated income for 2017.