If your business in Jamaica is actively trading, filing NIL returns year after year is a 🚩 — and here’s why 👇🏽 Filing NIL returns while money is coming in tells Tax Administration Jamaica (TAJ) that: ❌ your records are inaccurate ❌ you may be under-reporting income ❌ your business lacks proper compliance This can lead to audits, penalties, back taxes, interest, and even problems with: ⚠️ bank financing ⚠️ government contracts ⚠️ visa & immigration applications ⚠️ future business sale or expan
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If your business in Jamaica is actively trading, filing NIL returns …
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If a motor vehicle dealership in Jamaica is actively trading, filing NIL returns year after year is a serious 🚨 Selling vehicles, collecting deposits, importing cars, earning commissions — but telling TAJ you made $0 doesn’t add up. Here’s what that can trigger 👇🏽 ❌ audits & investigations ❌ back taxes assessed on estimated income ❌ penalties & interest ❌ fines for false or misleading returns ❌ risk to your Motor Vehicle Dealer Licence ❌ trouble with banks, Customs & future imports 📌 Penalti
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Annual Tax Compliance – Filing of NIL tax returns for Dormant Companies. Quite simply, all companies must submit annual tax returns , albeit Nils. Dormant Companies who have not traded are also required to submit NIL tax return annually. If you have not submitted your company tax returns you will be charged Penalties. SARS administrative penalties also apply to dormant companies. A dormant company is classified as a company that has not actively traded for the full year of assessment. REGISTERIN
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6.2K views · 116 reactions | If you did not earn any income in 2019 you are required to file a nil return. Watch this video to learn how to file, takes less than 3minutes! Log onto the iTax portal https://bit.ly/2yaFxn4 start filing today. | Kenya Revenue Authority | Facebook
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