Tougher Penalties For Jamaican Value-Added Tax Regime
by Mike Godfrey, Tax-News.com, Washington
23 September 2014
Jamaica has proposed amendments to the law governing its General Consumption Tax (GCT), a value-added tax, to make regime-related penalties and enforcement actions more stringent. The Jamaican Government said on September 22, 2014, that the Bill had been tabled before the Senate, after the House's approval on September 17.
It is to widen the range of offences under the GCT Act and bring the penalties for breaches "to appropriate and realistic levels."
Other provisions prevent double claims for refunds under the GCT and the Special Consumption Tax; revise the treatment of imported or government services; revise provisions that allow GCT payments to be deferred by manufacturers; and remove the notice period required when the Commissioner General forces registration of a taxpayer for GCT purposes.
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