THE TAX Administration Department introduces a new PAYE (income tax) monthly remittance form, to be used by employers paying PAYE (income tax) deducted from their employees' salaries and wages, replacing the Remittance Card previously used.
This form must be completed for each month when paying PAYE deductions, starting January 2006.
The new Employer's PAYE (income Tax) Monthly Remittance - Deduction of Tax from Emoluments (Form no. P30) will be available online at the website www.jamaicatax.gov.jm or from any Collectorate, as of tomorrow.
It is being introduced by the Tax Administration Department as part of its ongoing computerisation programme.
By law, PAYE taxes deducted must be paid no later than the 14th day of each month to the Collector of Taxes.
Employers are, therefore, reminded that the January 2006 remittance is due by February 14.
Failure to meet the monthly deadlines will result in a mandatory penalty of 50 per cent per annum for late payments and a further 40 per cent interest per annum on outstanding taxes and penalties being automatically applied.
