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Parliament approves tax bills

​Parliament has approved two bills, geared at facilitating the collection of taxes and improving the rate of compliance by Jamaicans. They are the Tax Collection (Miscellaneous Provisions) Act, 2014 and the Tax Penalties (Harmonization) Act. They were passed on July 23. Minister of Finance and Planning, Peter Phillips, said tax delinquency rate among companies. needed to be improved. “We have some 82,000 companies listed at the Companies Office of Jamaica. Filing returns at the Companies Office are some 62,000 (companies). So, we assume that those are functioning. Only 18,500 are registered for corporate income tax with the Tax Administration,” Phillips said. “That is the type of environment we are operating in. Among large tax payers, with sales of $1 billion or more, 27 per cent don’t file at all. When you look at companies where you have sales of $150 million or more, you have close to 56 per cent not filing,” he added. Phillips said both pieces of legislation aim to create an environment in which companies and other specified groups, including professionals are required to file.