KG Consulting & Associates

Key Tax Deadlines You Need to Know in Jamaica

Nov 30, 2024By KG Consulting & Associates

KC

As a business owner or individual in Jamaica, staying on top of tax deadlines is crucial. Missing these deadlines can result in penalties and interest charges. Here, we outline the key tax deadlines you need to know.

Income Tax Deadlines

Income tax is a significant part of your financial obligations. Here are the important dates:

  1. March 15: This is the deadline for filing your annual income tax return for the previous year and the 1st quarter estimated tax payment for the current year is due.
  2. June 15: The second quarterly estimated tax payment is due.
  3. September 15: The third quarterly estimated tax payment is due.
  4. December 15: The fourth quarterly estimated tax payment is due.

General Consumption Tax (GCT) Deadlines

If your business is registered for General Consumption Tax (GCT), you need to adhere to the following deadlines:

  • Monthly Filers: GCT returns and payments are due by the last working day of the month following the taxable period.                                                            Make sure to keep accurate records and file your returns on time to avoid any penalties.

Payroll Tax Deadlines

Employers must withhold payroll taxes from their employees' wages. These include income tax, education tax, and National Insurance Scheme (NIS) contributions. The deadlines are as follows:

  • Monthly: Payroll taxes are due by the 14th of the following month.
  • Annual: Employers must file an annual return by March 31.

Timely submission of payroll taxes is essential to ensure compliance with Jamaican tax laws.

Property Tax Deadlines

Property owners in Jamaica must pay property taxes on time to avoid penalties. The key dates are:

  • April 1: Property tax payments are due for the new fiscal year.
  • April 30: Last day to pay property taxes without incurring penalties.
property tax

It is advisable to set reminders for these dates to ensure you meet all your tax obligations. Proper planning and organization can save you from unnecessary stress and financial strain.

If you need assistance with tax preparation or have questions about your tax obligations, consider consulting with a professional accountant or business consultant. They can provide valuable guidance and help you stay compliant with Jamaican tax laws.