Anitha Cross.
March 19, 2025
Getting back on track with your taxes
A friendly guide for Jamaican business owners
TAX season is almost over, and we have navigated the journey of compliance together. We hope that the tips we’ve shared over the past few weeks will be useful in propelling your business to the next level. Tax compliance is more than a legal obligation — it is the cornerstone of building a financially sound business. If you’ve been compliant, kudos to you. But if you fell short, there’s still time for you to avoid the penalties that come with being non-compliant.
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A Golden Opportunity to Clear Your Tax Slate
With just under two weeks left before the Tax Administration Jamaica’s (TAJ) special programme ends, now is the perfect moment to turn over a new leaf in your tax journey. Think of TAJ’s Special Arrears Settlement Programme as a rare ‘clean slate’ opportunity. Similar to other amnesty programmes, this initiative allows you to pay your principal tax amount while having penalties and interest reduced or eliminated entirely on or before March 31, 2025.
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The beauty of this arrangement is that whatever percentage of your principal tax you pay, that same percentage of your accumulated interest and penalties gets waived. This programme covers all the major taxes Jamaican business owners typically deal with—including income tax, education tax, GCT, and more. What makes this opportunity special is that it applies to taxes up to February 2025, giving you a chance to become completely current. Imagine starting the new financial year without the weight of tax debt hanging over your business — that’s what this programme offers.
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Taking Action Today, Not Tomorrow
Getting started is simpler than you might think. First, contact TAJ directly at their customer care centre (888-TAX-HELP) or through their website to find out exactly what you owe. Think of this as similar to checking your credit score before applying for a loan—you need to know where you stand. The TAJ representatives can provide a clear picture of your outstanding amounts across all tax types. Once you know what you owe, prepare to make your payment before the end of March. This might mean speaking with your bank about increasing your credit limit on your business credit card or applying for a short-term loan.
Making Record-Keeping Part of Your Daily Routine
As mentioned in our previous articles, good record-keeping is essential to every business. It is important to be structured and consistent in updating your records, filing receipts digitally, and reconciling bank statements. Think of these daily financial check-ins as a small investment in time that prevents painful problems later.
Understanding Your Tax Obligations in Simple Terms
Quarterly tax instalments, due on the 15th of March, June, September, and December, function much like quarterly service charges from your cable provider. Creating a simple tax calendar with these important dates highlighted will help to keep things in focus and on track. The tax rates themselves are straightforward: individuals pay 25 per cent on income up to $6 million per year and 30 per cent on anything above that. Most companies pay 25 per cent (unregulated) or 33⅓ per cent (regulated). Keeping abreast of and understanding these dates allows you to plan accordingly and avoid surprises.
The Tax Compliance Certificate: Your Business Passport
A tax compliance certificate (TCC) works much like a driver’s licence — it proves you’re qualified to operate in the business world. Without it, you’ll face roadblocks when seeking business loans, government contracts, or certain permits. Obtaining a TCC requires visiting TAJ in person with clearance letters from various agencies (NHT, HEART, NIS) and your business documentation. For those who previously had a TCC but lost it due to non-compliance, regaining this certification should become a priority after settling outstanding obligations through the Special Arrears Settlement Programme. A valid TCC opens doors to opportunities that remain closed to non-compliant businesses.
Where to Find Help
You don’t have to navigate tax compliance alone. National Commercial Bank Jamaica Limited (NCB) hosts annual webinars featuring business professionals from all sectors, including accounting firms and Educational Officers from TAJ, which focus on tax compliance and financing solutions that can help. Recaps of these webinars are readily available on the NCB YouTube page. Working capital solutions are also available, including business credit cards.
There is also the opportunity to receive an increase in your credit limit specifically to cover tax payments, offered on a temporary or permanent basis. Professional tax services might also be worth the investment. Many accounting firms offer services specifically designed for small businesses at reasonable rates.
Remember that tax compliance, like health maintenance, works best as a year-round commitment rather than an annual emergency. The peace of mind that comes from knowing your business is in good standing with tax authorities is invaluable, as are the tangible benefits of strong business credibility and access to financing opportunities.
Anitha Cross is the Product and Portfolio Manager – Card Issuing at National Commercial Bank Jamaica Limited.
