Act: The Income Tax Act
Commissioner: Refers to the Commissioner General
Collector: The Collector of Taxes, c/o Tax Administration Jamaica/Revenue Service Centres
Emoluments: Means emoluments to which the Act applies, and references to payments of emoluments includes reference to payments on account of emoluments.
Employee: Any person in receipt of emoluments.
Employer: Any person paying emoluments, whether on his own account or on behalf of another person.
Income Tax
Month: Every calendar month throughout the year of assessment.
Lump Sum: Any payment other than a periodical payment
IT06: Employer’s Annual Return form for summary of gross emoluments and deductions made for all employees (for years prior to 2011)
S02: Employer’s Annual Return form for the summary of gross emoluments and deductions, relating to NIS, NHT, Ed TAX and Income Tax, made for all employees (for years 2011 onwards)
S01: Employer’s Monthly Remittance form for paying deductions, relating to NIS, NHT, HEART, Ed TAX and Income Tax, made for all employees.
P24: Certificate of gross emoluments and tax deducted to date during the year.
P45: Certificate of gross emoluments and tax deducted up to point of leaving.
Relief from
Income Tax: Includes non- taxable allowances and deductions.
Tax Deduction
Card: A tax deduction card is the form prescribed by the Commissioner General in any particular case.
Taxable
Emoluments: Means emoluments reduced by:
- Deductible expenses pursuant to section 13 of the Act as agreed with the Commissioner General.
- An exemption or relief from tax pursuant to The Employee Share Ownership Plan Act (ESOP) and taken into account for the purposes of The Income Tax (Employments) Regulations, in a manner agreed with the Commissioner General.
Threshold/
Nil Rate: Although not specifically defined by the Income Tax Act, the threshold normally refers to that part of an individual’s statutory income which bears tax at zero rate/percent.
Statutory Income: This is the aggregate amount of income of any person from all sources remaining after allowing for the appropriate deductions and exemptions given under The Income Tax Act.
Year of
Assessment: For the purposes of PAYE the year of assessment means the calendar year January to December.
For additional information please use any of the following to contact our firm:
Head Office :
Unit 34,Winchester BusinessCentre 15 Hope Road,
Kingston 10
Tel : 876-9084007
Fax : 876-7540380
Branch Offices:
Montego Bay-Shop EU 6, Whitter Village,Ironshore, St. JamesTel : 876-9533793/953-8486
Fax: 953-3058
Mandeville-Shop L1/K1,Grove Court Plaza,Manchester Tel : 962-6369
Fax: 754-0380
Ocho Rios-101B Main Street,
St. Ann
Tel : 9748772
Fax:876-974-5373
No comments:
Post a Comment