Payroll Tax Services
“ Payroll Tax Returns can be prepared for ALL Individuals and ALL Entities. ”
✔ Gross Emoluments
✔ Payments made to the employee during the payroll period and
✔ Payroll period intervals (weekly, fortnightly or monthly).
AMCS:
✔ Calculates the payroll tax of each employee and employer's contribution in accordance with the Income Tax Act, National Insurance Act, National Housing Trust Act and Education Tax Act. The employer’s levy for Human Employment and Resource Training (HEART) is calculated in accordance with that Act.
✔ Maintains payroll records to:
⇢ Support the information reported on the payroll tax return
⇢ To comply with the Income Tax and other Tax Acts
⇢ Support the employer’s obligation to provide employees with certain information in accordance with the Income Tax Act and other Tax Acts.
✔ Provides Employers with a payslip for each employee each payroll period.
✔ Provides Employers with an S01 Employer's Monthly Statutory Remittance Payroll Deductions, prepared as at the final payroll period each calendar month.
Employers also receive:
✔ P24 Certificate of Gross Emoluments and Taxes Deducted for each employee as at the end of the calendar year
✔ S02 Employer’s Annual Return
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 may include, but are not limited to, activities such as reviewing contracts with: Employees, Directors/Senior Management and Independent Contractors to advise clients of their Jamaica Tax Obligations, Implications and Alternatives.
AMCS also provides Jamaica Tax Compliance, Jamaica Tax Training Services.
Fiscal Incentive Act
The Fiscal Incentives Act became effective January 1, 2014 and introduced the Employment Tax Credit (ETC). The passage of this law removed incentive schemes for a number of industries (introduced in the 1980s and prior) and introduced the Employment Tax Credit to reward tax compliance and encourage the employment of persons.
The Act provides that Employers who are not regulated by: the Financial Services Commission, the Bank of Jamaica, the Ministry of Finance and the Office of Utilities Regulation, may receive a tax credit of up to 30% of their end of year income tax liability on their: trade, business or organisation, if the employer files their S01 Monthly Statutory Remittance Payroll Deductions correctly for each calendar month January to December on or before the due date.
The amount of the credit is 30% of their end of year end income tax liability or the total amount paid for Employee plus Employer Contributions for Specified Payments* on the S01 Monthly Statutory Remittance Payroll Deductions for the period January to December.
*The Act defines Specified Payments as:
"Specified Payments" in relation to an eligible person means:
1. Amounts required under section 6 of the Education Tax Act, to be paid in respect of, or on behalf of, employees of the eligible person;
2. Contributions payable under section 12 of the Human Employment and Resource Training Act in respect of emoluments paid to employees of the eligible person;
3. Amounts required under section 12 of the National Housing Trust Act, to be paid in respect of, or on behalf of, employees of the eligible person; and
4. Amounts required, under section 6 of the National Insurance Act, to be paid in respect of, or on behalf of, employees of the eligible person.
The Government introduced increased penalties for late filing of Income Tax and Education Tax, October 1, 2014. Employers, Self Employed Individuals and other taxpayers will now incur an additional penalty of five thousand Jamaica dollars for Income Tax for each calendar month or part thereof that the return is outstanding. Employers and Self-Employed Individuals will also incur a penalty of five thousand Jamaica dollars for Education Tax for each calendar month or part thereof that the return is outstanding. It is now more important for payroll statutory remittances to be calculated correctly and filed on time.
The person responsible for preparing your Individual or entity’s payroll statutory remittances should know the requirements of the Tax Acts and be up to date with the latest developments in the legislation, the tax authorities and other regulatory bodies to maintain compliance.
Contact AMCS to:
✔ correctly prepare and maintain your payroll records and payroll tax returns
✔ avoid interest and penalties associated with late or incorrect filing
✔ qualify for the new Employment Tax credit (up to thirty percent off your end of year Income Tax Liability).
AMCS also provides Jamaica Tax Training to:
✔ Accounting Staff
✔ Sole Proprietors
✔ Business Owners
✔ Other Taxpayers.
AMCS also reviews Payroll and related processes as part of Fraud Prevention and Detection services see Jamaica Tax Return Reviews.