Sunday 25 August, 2019

Tax revenue continues to significantly outpace projections - TAJ

Tax Administration Jamaica (TAJ), is reporting that it collected some $307 billion in the 2017/2018 fiscal year. 

According to TAJ, the amount is $9.2 billion or 3.2 per cent above estimates.

“If you look at the prior fiscal year, 2016/2017, tax revenues were $284 billion, coming from $264 billion in 2015/2016,” said Minister without Portfolio in the Ministry of Finance, Fayval Williams.

She was speaking  on Thursday at a TAJ-hosted Transfer Pricing Agreement Seminar, held at the Hibiscus Lodge Hotel in Ocho Rios, St Ann.

The Minister said tax collection continues to see tremendous improvements as a result of the TAJ’s actions to encourage compliance.

“The TAJ’s efforts to strengthen enforcement capabilities and government’s shift from direct to indirect taxation continue to work hand in hand to propel the country’s growth in tax revenues,” Williams said.

She pointed out that Jamaica received a largely compliant rating earlier this year, up from a partially compliant rating a year ago in 2017, based on its adherence to the exchange of information on request principle.

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