Non Residents
Non Residents
Persons who are not ordinarily resident in Jamaica are not liable to pay income tax on “the whole of his income from every source whatsoever.” Persons who are not ordinarily resident in Jamaica are liable to pay income tax on the annual profits or gains arising or accruing from:
1. Any property whatever in the Island, or
2. From any trade, business, profession, employment or vocation exercised within the Island, or
3. From the provision to any person residing in the Island of industrial or commercial information or advice, or management or technical services, or similar services or facilities, or plant or equipment on hire (other than under a bonafide hire purchase agreement).
Non Residents who trade or own businesses in Jamaica
Non-residents who derive income from the activities indicated above are required to:
✔ Maintain proper accounting records for each activity in English sufficient to record all transactions to exhibit or explain the financial position of the trade, profession, business or activity, including records containing daily accounting entries of revenue and expenses and, where the trade or business involves dealings in goods: accounts of all materials used, goods sold and purchased, inventory records and annual stock taking, to ascertain the gains and profits made or the loss incurred in each activity.
✔ Correctly present the financial information of the entity in the financial statements attached to Income Tax Annual Returns.
✔ Properly compute Income Tax due and file Income Tax Annual returns for the year of assessment, using the correct forms, on or before March 15 of the subsequent year.
✔ 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, Financial Analysis,
Independent Review and Monitoring of an Entity’s Systems, Inspection of Assets, Inventory Counts and Inspections, Cash Counts and Point Of Sale Reconciliation, Investment Securities Counts and Inspections, Trade Payables or Supplier Reconciliations, Trade Receivables Reconciliation, General Ledger Account Reconciliation
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.
Taxpayers are to provide:
✔ Accounting records for each activity in English sufficient to record all transactions to exhibit or explain the financial position of the trade, profession, business or activity
✔ Previous Tax Filing
AMCS:
✔ Prepare and Correctly present the financial information of the entity in the financial statements attached to Income Tax Annual Returns.
✔ Properly compute Income Tax due and file Income Tax Annual returns for the year of assessment.
✔ Maintains records to:
⇢ support the information reported on the Income Tax Annual Return
⇢ to comply with the Income Tax Act
⇢ facilitate Tax Audits and Maintain Tax Compliance during the period.
Non Residents who visit the Island to provide services
Non-residents who visit the island to provide or perform consulting and other services are advised to pay Income and related taxes prior to leaving the island and obtain documents pertaining to the payment of tax on this income from the Jamaica tax authorities. These documents can be used to support tax returns filed by non-residents in their place of domicile if that territory has a Double Taxation Agreement with Jamaica.
However, if the services are recurring the Non Resident will have to meet the requirements outlined in the section Non Residents who trade or own businesses in Jamaica and apply the sections outlined in Individuals who Trade or Have Other Sources of Income, Small and Medium Sized Enterprises, Large Taxpayers, relevant to their trade activity in Jamaica. The tax returns filed and paid would then be used as supporting documents when filing in their place of domicile if that territory has a Double Taxation Agreement with Jamaica.
Contact AMCS Jamaica Limited