Special Consumption Tax Returns
Special Consumption Tax (SCT) forms part of the General Consumption Tax Act and is a tax imposed on the manufacture or importation of goods such as: petroleum products, wines and other alcoholic beverages produced by fermentation; cordials and liqueurs; spirits; beer; cigarettes; cigars, cheroots, cigarillos, smoking and other manufactured tobacco and snuff; and caffeine energy drinks.
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.
2. A registered taxpayer, if in the month of application and the eleven months immediately preceding, the gross value of the applicant’s supplies not less than ten million Jamaica dollars per annum.
Individuals/entities that trade in goods on which Special Consumption Tax is imposed should indicate Special Consumption Tax at the point of registration.
Registered 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 Taxpayers are required to file Special 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 Special Consumption Tax return in accordance with the General Consumption Tax Act
✔ Maintains records to:
⇢ support the information reported on the Special Consumption Tax Return
⇢ to comply with the Special Consumption Tax Act
⇢ facilitate Tax Audits and Maintain Tax Compliance during the period.
“ AMCS reviews each transaction for proper tax treatment in accordance with most recent changes to the tax legislation to ensure that the information reported in the accounting records properly supports the information reported on the Special Consumption Tax return. ”
AMCS can provide technical assistance with Jamaica Tax Audits, if Individuals and Entities are contacted by the tax department for inspection of records Clients Contacted By Jamaica Tax Department - Tax Returns Prepared by AMCS, Clients Contacted By Jamaica Tax Department - Tax Returns Prepared by Discontinued Provider
AMCS also provides Jamaica Tax Planning Strategy and Management and Jamaica Tax Compliance Services.
Contact AMCS to:
✔ Correctly prepare your Special Consumption Tax returns
✔ Avoid interest and penalties associated with late or incorrect filing.
AMCS 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.