Tax Administration Jamaica (TAJ) advises that as of January 1, 2015, self-employed persons will find it easier to file and pay their taxes and statutory obligations with the introduction of a Self-employed Persons Annual Return of Income, Taxes and Contributions - Form S04. The new consolidated form will allow individuals to use one form to report on their annual income tax, education tax as well as their individual NHT and NIS contributions.
Tax Administration Jamaica (TAJ) wishes to advise that on January 1, 2015 an increase in the Income Tax threshold will take effect. The new threshold or tax-free income will move to $557,232 per annum, up from $507,312 per annum.
The increase in the threshold means that the corresponding tax-free portion to be used by employers in making periodic payments is as follows: