General Consumption Tax Returns
The Minister of Finance announced an increase in the General Consumption Tax (GCT) threshold (the point at which business owners or persons who trade are to register to collect General Consumption Tax from customers and remit to the tax department) from JMD three million dollars per annum to JMD ten million dollars per annum during his opening budget presentation, March 2019, at the Budget Debates. This increase in the GCT threshold became effective April 1, 2019 and forms part of a number of measures aimed at making it easier for new startups, small and medium sized businesses and other entities to grow their business and spur economic growth.<
The General Consumption Tax (GCT) was introduced in 1991 and is a tax imposed on the supply of goods and services in Jamaica by a registered taxpayer in the course or furtherance of a taxable activity carried on by that taxpayer; and on the importation into Jamaica of goods and services, by reference to the value of those goods and services.
Taxable activity means any activity, being carried on in the form of a business, trade, profession, vocation, association or club which is carried on continuously or regularly by any person whether or not for a pecuniary profit and involves or is intended to involve, in whole or in part, the supply of goods and services (including services imported into Jamaica) to any other person for a consideration; but does not include: any activity carried on essentially as a private recreational pursuit or hobby; any engagement, occupation or employment under any contract of service or as a director of a company; or any activity specified in the Third Schedule of the General Consumption Tax Act.
The General Consumption Tax Act requires all individuals, entities, organisations etc. that carry on a taxable activity to be registered under the General Consumption Tax Act. These individuals/entities/organisations will be categorized as either:
1. A registered person if, in the month of application and the eleven months immediately preceding, the gross value of the applicant’s supplies is less than ten million Jamaica dollars per annum.
Registered General Consumption Tax taxpayers are required to:
✔ Maintain proper accounting records
✔ Properly calculate and remit the tax for each taxable period on or before the final business day of the subsequent calendar month.
✔ Make the accounting records available for inspection by the tax authorities when requested.
See Accounting , Using Accounting Software?, Accounting Services, Financial Accounting Services, Financial Accounting and Reporting Environment Framework Advisory Services, Financial Accounting Policies System and Design, Financial Reporting Compliance Services, Financial Analysis, Preparation of Financial Statements and Income Tax Annual Returns, Individuals Who Trade or Have Other Sources Of Income, Small and Medium Sized Enterprises, Large Taxpayers.
AMCS also provides Tax Services see Jamaica Tax Law Advisory Services, Jamaica Tax Planning Strategy and Management, Jamaica Tax Compliance, Jamaica Tax Audit, Jamaica Tax Audit - Tax Returns Prepared by AMCS, Jamaica Tax Audit - Tax Returns Prepared by Discontinued Provider, Jamaica Tax Training.
Registered General Consumption Tax taxpayers are required to file General Consumption Tax returns for each taxable period whether or not he or she, the entity or organization makes a taxable supply during the taxable period.
Businesses, Companies, Individuals / Sole Traders and Partnerships provide information pertaining to:
✔ All Revenue
✔ All Expenditure during the period
✔ Previous Returns Filed
AMCS:
✔ Prepare the General Consumption Tax return in accordance with the General Consumption Tax Act
✔ Maintains records to:
⇢ support the information reported on the General Consumption Tax Return
⇢ to comply with the General Consumption Tax Act
⇢ facilitate Tax Audits and Maintain Tax Compliance during the period.
AMCS can provide technical assistance to clients when they are contacted by the tax authorities for inspection of records. See Jamaica Tax Audit, Jamaica Tax Audit - Tax Returns Prepared by AMCS, Jamaica Tax Audit - Tax Returns Prepared by Discontinued Provider
AMCS also provides Jamaica Tax Law Advisory Services, Jamaica Tax Planning Strategy and Management.
These services include, but are not limited to, activities such as:
✔ Reviewing contracts held with: customers, suppliers and other service providers
✔ Reviewing acquisition, category and use of assets
✔ Reviewing client activities and expenses to advise clients of their tax obligations, implications and alternatives.
AMCS also provides Jamaica Tax Compliance Services.
Contact AMCS to:
✔ Correctly prepare your GCT returns
✔ Avoid interest and penalties associated with late or incorrect filing.
AMCS also provides Tax Training to:
✔ Accounting Staff
✔ Sole Proprietors
✔ Business Owners
✔ Other Taxpayers
AMCS also provides Jamaica Tax Return Reviews as part of Fraud Prevention and Detection Services.