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Should Freelancers File Taxes in Jamaica? February 3, 2016

Posted by utechalumni in Alumni in Business, JOB VACANCIES, Money Management, Professional Development.
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Per our Tax Administration Department the understanding is that Freelance persons are essentially persons earning income (from any source) while living in Jamaica, although they do not have a registered business. They should therefore declare their income. For all income earners in Jamaica whose income falls below the tax threshold of $592,800, no taxes will be applied. If an income earner earns above $592,800 for the year, then the threshold is subtracted from the total earned, and tax will only be applied to the difference.

Example

John Freelancer Morgan
Annual Income $400,000
Tax Threshold  $592,800
Taxable amount $0

John Freelancer Morgan
Annual Income $700,000
Tax Threshold    $592,800
Taxable amount $700,000 – $592,800 = $107,200

Persons who earn an income from any source while living in Jamaica should declare their income through the annual tax filing process which is due March 15 (approximately) per year.

Self-employed Persons Without a Registered Business are Advised to:

  • Visit any Tax Office and go the Tax Payer Services Unit, and explain that you are self-employed without a registered business
    • The Tax Payer Services Unit will register your TRN with a designation that will assist with your tax filing
  • Use the S04 forms to file your taxes.
    • Filing can be done online
  • Remember income tax filing is due by March 15 annually

 

For More Detailed Information

  • Call Tax Administration Customer Care Centre at 1-888-Tax-Help (1-888-829-4357)
  • Visit www.jamaicatax.gov.jm
  • Access SO4 Forms
    Tax Administration Jamaica (TAJ) advises that as of January 1, 2015, self-employed persons will find it easier to file and pay their taxes and statutory obligations with the introduction of a Self-employed Persons Annual Return of Income, Taxes and Contributions – Form S04. The new consolidated form will allow individuals to use one form to report on their annual income tax, education tax as well as their individual NHT and NIS contributions. READ MORE AT LINK BELOW.

https://www.jamaicatax.gov.jm/home/-/blogs/new-s04-form-introduced-to-make-tax-filing-easier-for-self-employed-individua-1

 


Alumni Relations Office
University of Technology, Jamaica
876-970-5468

 

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