Jamaica has amended its penalties for failure to file the annual tax return by the deadline, which is 15 March following the close of a tax year. For the tax return due 15 March 2015, the penalties apply as follows:
- A penalty of JMD 5,000 per month or part of a month is imposed with a maximum cap of $1 million
- An interest penalty at a rate of 20% for any outstanding tax due not paid by the tax return deadline
Tax returns must also be e-filed in 2015 if annual turnover is greater than or eq…