More Than $3B Collected Under TAJ Special Arrears Settlement Programme

Tax Administration of Jamaica, TAJ, says it has so far collected over $3 billion in principal arrears under its Special Arrears Settlement Programme.

The initiative, which was launched three weeks ago, aims to collect 10 billion in outstanding taxes.

Under the programme, TAJ is waiving interest, penalty and surcharge accrued once the outstanding principal taxes are paid by March 31, 2025.

TAJ says the programme will provide an opportunity for individuals and businesses to clear their debts without the additional costs typically associated with late filing.

Taxpayers will be required to be current with their filing obligations.

This includes income tax returns and payments due March 17.

TAJ says the Special Arrears Settlement Programme is expected to streamline the process of settling outstanding debts associated with selected tax types.

These are education, corporate, Individual and partnership Income Tax; Pay as You Earn, PAYE, tax; Special and General Consumption Tax and Asset Tax.

TAJ says this will result in a more efficient recovery of funds, a decrease in the overall debt stock, improved filing compliance, and ultimately lowering tax administrative costs.

According to the TAJ, this activity will redound to the benefit of the taxpayer, making the process of arrears settlement easier, particularly at this time for Income Tax filers who would stand to benefit significantly.