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TAJ to develop policy on tax write-offs
2012-09-19 17:28:00 | with audio | (0 Comments)
Tax Administration Jamaica (TAJ) is to develop a policy which could allow it to provide tax write-offs to some tax dodgers.
A large crowd waiting in line at the King Street tax office in downtown Kingston, to file income tax returns ahead of deadline – file photo.
The Finance Minister Dr. Peter Phillips said the TAJ will be empowered to develop the policy through an amendment of the legislation governing the TAJ.
Dr. Phillips explained that the policy would provide a framework for dealing with debt deemed uncollectable.
He said this would thereby give the tax administration more room to focus on going after those taxes which can be collected.
He was quick to point out that no decision has been taken at this time to offer any tax write-off to delinquents.
However, the finance minister points out that the government is moving to amend the law to give the tax administration such powers.
The finance minister said any tax write-offs will be subjected to an approval process.
Meanwhile, the finance minister Dr. Peter Phillips said the legislation seeking to exempt certain non-nationals from paying income tax if their company has a head office in Jamaica was inherited from the last government.
Dr. Peter Phillips told today’s post-Cabinet briefing that certain commitments were made by the last government and that his administration is committed to the word of the government of Jamaica.
The Government yesterday tabled the proposed amendment to the Income Tax Act yesterday, saying it was part of the move to increase foreign investment in the country.
Today Dr. Phillips said he believes it is a win-win situation for the government.
He said countries like the Cayman Islands and The Bahamas have similar legislation in place, so this act follows a template which has been applied in other countries.
Listen to Audio clip
Finance Minister Dr. Peter Phillips.
Source: The Gleaner/Power 106 News
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