Tax Administration Jamaica is reporting that its Special Arrears Settlement Programme has so far yielded more than $18.6 billion in outstanding taxes.
The programme allowed taxpayers with outstanding debt for selected tax types to pay the arrears without incurring penalties, interest and surcharges.
The programme started in January and was set to end on March 31, but was extended to May 31.
TAJ says, under the programme, business persons were relieved of more than $6 billion of interest, penalty, and surcharge (IPS).
The waivers and removal from taxpayer accounts so far relate to approximately 60,000 tax periods associated with Asset Tax, Corporate Income Tax, Education Tax, PAYE, Individual Income Tax and Partnership Income Tax.
TAJ says eventually, more than $30 billion in IPS will be removed from taxpayer accounts, lowering the stock of debt on the books of the tax body.
Automatic waiver runs done up to June 5, resulted in the removal of $5.3 million in IPS.
TAJ is advising taxpayers that it is carrying out further system configuration to automatically remove charges relating to General Consumption Tax, Special Consumption Tax and PAYE late payment of Income Tax.
It is projected that this will be completed by the end of July.
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