Industry Minister extends tax amnesty for businesses

Kingston, Jamaica — Minister of Industry, Investment and Commerce Anthony Hylton yesterday announced the extension of the Annual Returns and Removals/Closures Amnesties until July 30.

The extension comes after the initial two month amnesty period ended on June 30.

Hylton in discussing the extension stated: “We received a high level of response from businesses, especially micro, small and medium enterprises (MSMEs) during the initial two month amnesty period. The extension is, therefore, an opportunity for businesses that failed to take advantage of the amnesty in the past two months to do so. We anticipate the continued high take-up of the amnesties from all businesses, and the MSME sector in particular.”

According to a release from the ministry, the Annual Returns Amnesty involves the reduction in filing fees for annual returns for both non-profit and profit making companies. The Removals and Closures amnesties will benefit both companies and business names, which seek to be removed or closed respectively.

Under the amnesty arrangements, profit-making companies may file annual returns at a reduced cost of $3,000 each. Nonprofit companies may file each annual return for $1,000. The penalty of $100 per day for filing annual returns late will be waived as well as the late fees for filing other company documents, the release said.

The ministry added that, for business names, owners of delinquent businesses may use the opportunity to close the registrations for a flat fee of $2,000.00. No outstanding renewal and late fee(s) will be charged to close these business names.

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