David Wan, President of the Jamaica Employers' Federation (JEF) - file photo
David Wan, President of the Jamaica Employers' Federation (JEF) says he is not surprised that several entities have approached Tax Administration Jamaica (TAJ) for assistance in adjusting their financial records to reflect the increase in the income tax threshold.
TAJ says individuals have also sought its intervention.
Mr. Wan says while the majority of JEF members have been able to successfully implement the income tax threshold, while a few have been experiencing teething pains.
However, Mr. Wan said the challenges being experienced by some entities have not affected workers benefiting from the increased income tax threshold.
"As far as we are aware, the workers have been able to benefit from the new threshold. I think most of the issues revolve around reporting it accurately in terms of the annual returns that they are anticipating to do at the end of this year," he outlined.
The $1.5 million income tax threshold is being implemented in two segments. Under the first phase, which took effect on July 1, the figure increased from $592,800 to $1,000,272.
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