TAJ targets real estate sector

Friday, November 17, 2017

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TAX Administration Jamaica (TAJ) says that it has embarked on a series of activities aimed at improving compliance of the real estate sector, in keeping with its National Compliance Plan.

The agency said that under the Revenue Administration Act (RAA), it has collaborated with a number of public bodies and private sector entities to ascertain both the source and quantum of income from third party transactions.

TAJ through its Intelligence, Investigation and Enforcement Unit (IIEU) will be focusing on certain sectors, primarily the real estate sector for the third quarter and beyond to encourage compliance.

According to the TAJ, developers who have sold properties, architects and contractors who have offered their services, persons who are in receipt of rental income as well as other players within the sector are being encouraged to file their returns, report accurately and comply with the tax laws.

Plans to target the real estate sector, said the TAJ, is part of the sustained efforts to enforce the laws it administers, in order to improve trust and fairness within the system.

"Taxpayers are strongly advised that failure to report income, profits or gains as defined within the Income Tax Act, will result in enforcement action by TAJ utilising the applicable provisions under the law."




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