Business
Jamaica: All registered companies to file annual tax returns
The private sector working group has suggested that all registered companies in Jamaica be mandated to file annual income-tax returns.
The suggestion, which is contained in a submission to parliament’s special committee on tax reform, comes amid what the group said is revenue leakage from the country’s coffers due to most companies failing to file returns.
According to the group, only 10 percent of registered companies file corporate income-tax returns. It also said only 5 percent of registered companies file corporate income-tax returns declaring any tax liability.
Joseph M. Matalon, spokesperson for the group, told parliament’s tax committee yesterday that some 62,477 companies are registered in Jamaica, 17,000 of which are registered for income-tax purposes