TAJ: More than $18B in Outstanding Taxes Collected from Special Arrears Programme

Tax Administration Jamaica, TAJ, says it has collected over 18-billion dollars in outstanding taxes through its Special Arrears Settlement Programme.

The programme ended on May 31.

It started on January 28 and was originally scheduled to end on March 31.

TAJ says the initiative has relieved business people of over $6 billion in interest, penalty and surcharges.

It says the waivers and removal from taxpayer accounts so far relate to approximately 60,000 tax periods.

These are associated with assets tax, corporate income tax, education tax, pay as you earn, PAYE, individual income tax and partnership income tax.

The entity says over $30 billion in interest, penalty and surcharge will eventually be removed from taxpayer accounts.

This is expected to lower the stock of debt on the TAJ’s books.