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Tax-Lite Jamaican Budget Focuses On Tax Enforcement

by Mike Godfrey, Tax-News.com, Washington

14 March 2018


Jamaica's recent 2018 budget, delivered by Minister of Finance Audley Shaw, imposed no new taxes and reiterated the island's commitment to cracking down on tax arrears.

Shaw said tax compliance continues to be a significant challenge, with tax arrears standing at JMD234bn (USD1.83bn), inclusive of interest and penalties, and property tax arrears estimated at almost JMD14bn.

Notwithstanding the sizable amount of unpaid tax, Shaw said progress is being made to address tax non-compliance with the island's tax collector, Tax Administration Jamaica, registering 15,106 new taxpayers in the period from April to December 2017. Shaw also announced reform of Jamaica's penalties and interest regime to encourage compliance.

Addressing the loss of correspondent banks, which are vital to connect Jamaica with the international financial system, Shaw said this loss has slowed but the "battle continues." He said the Government remains focused on trying to arrest the decline in international banking relationships with local banks.

TAGS: compliance | Finance | tax | tax compliance | interest | banking | budget | Jamaica | standards | penalties | Work | Tax

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