Tax Administration Jamaica says it expects to rake in $10 billion in outstanding taxes through the arrears settlement programme, thereby significantly reducing the debt stock by March 31.
The Special Arrears Settlement Programme is designed to waive/remit interest, penalty, and surcharge accrued once outstanding principal taxes are paid by March 31.
This provides an opportunity for all persons and businesses, whether self-employed, companies, or organisations, to clear their debts without the additional costs typically associated with late filing and payments related to several tax types and become compliant.