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Finance Minister Dr. Nigel Clarke says the Tax Administration of Jamaica (TAJ) is working to bring in the outstanding corporate income taxes, owed by firms for last fiscal year.
The category was short $14 billion based on the tax projections for the 2023/2024 fiscal year, affecting the country’s fiscal surplus target.
Speaking with Radio Jamaica News, Dr. Clarke said an analysis will be done on the factors leading to the outstanding payments.
“These entities are identified. We know what they have declared and TAJ will be following up with them pretty assuredly to ensure that they pay over, but also to inquire why they did not pay in March. All of that information and data is useful. And I have to see what the results of that exercise is before making any definitive steps,” he said.
Based on Jamaica’s Income Tax Act, unpaid sums owed to the government will also accumulate interest from the day after it is due.
Dr. Clarke said he will now be updated regularly on this process.
“I can’t impose an artificial deadline but I’ll be meeting with them at least weekly until we sort of resolve this overhang and, you know, really get to handle as to what the causes are and we’re able to estimate what the yield from that overhang will be in this fiscal year.”
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