Ainsley Powell, Commissioner General, Tax Administration Jamaica (TAJ), recently shared updates from TAJ with about 350 members of the Institute of Chartered Accountants of Jamaica (ICAJ) at their Tax Webinar held on September 18, 2024. Some of the highlights in his presentation included:
TAJ’s revenue target for FY 2024/25 is J$589.9B. Revenue collections for April to August 2024 totalled J$208.5B, which was 1.9% above target, a surplus of J$3.9B. This represented an increase by J15.2B or 7.9% when compared to the similar period in FY 2023/24
The amendment to the Income Tax (Amendment) Act, 2024, to insert a Section 25F, “Tax credit in respect of residential solar photovoltaic systems”. This stipulates that credit is available to individual taxpayers, employed or self-employed, who have acquired and installed a residential solar system at their principal place of residence on or after January 1, 2023. The credit is however restricted to thirty (30%) of the cost to purchase, deliver and install the system or J$1,200,000. Additionally, to be eligible, all property tax payments for the particular residence must be up to date; the credit is available only for the first time purchase and installation at the particular dwelling house. The relevant tax forms have been amended to reflect the change.
Based on TAJ’s eFocus, there has been a steady growth in the percentage of the payment of core taxes being paid via online channels over the last five years, with some now reaching over 67%. TAJ continues to enhance its suite of online services, with the recent addition of the payment of Police Record Fee via the TAJ Mobile App and the introduction of the option to renew Motor Vehicle Registration Online via the TAJ website www.jamaicatax.gov.jm.
With the ICAJ being a key stakeholder, the TAJ participates in the two Taxation Webinars held in May and September each year, as one of the ways to engage with accountants.