Approaching J$500 Million? Your Related-Party Transactions Deserve More Attention
Approaching J$500 Million? Your Related-Party Transactions Deserve More Attention Jamaican businesses approaching J$500 million in annual revenue should understand transfer pricing, connected-party transactions and Schedule 8 before compliance becomes more complex. Moving money between two companies in the same group can feel like moving money from one pocket to another. Tax rules see it differently. […]
Your Sales Say One Thing and Your GCT Return Says Another. Should You Be Worried?
Your Sales Say One Thing and Your GCT Return Says Another. Should You Be Worried? GCT Form 4A should not operate separately from your accounting records. Here is why Jamaican CEOs and CFOs should care about GCT reconciliation. GCT has an unusual characteristic. Businesses collect it, but that does not make it ordinary business revenue. […]
The S02 Is Where Twelve Months of Payroll Have to Tell One Story
The S02 Is Where Twelve Months of Payroll Have to Tell One Story Jamaica’s S02 annual employer return is more than another payroll deadline. It can expose weaknesses that monthly payroll processing fails to catch. If the S01 is a monthly photograph, the S02 is the year-end movie. One photograph can look perfect while missing […]
The S01 Is Not Just a Payroll Form. It Is a Monthly Test of Your Internal Controls
The S01 Is Not Just a Payroll Form. It Is a Monthly Test of Your Internal Controls Jamaica’s S01 payroll return should matter to CEOs and CFOs. Discover what monthly statutory filings reveal about payroll controls and compliance risk. There is a dangerous phrase sometimes heard in business: “Payroll handles that.” Payroll may process it. […]
Your IT07 Is a Tax Form, But It Is Also a Test of Your Forecasting
Your IT07 Is a Tax Form, But It Is Also a Test of Your Forecasting Jamaica’s IT07 estimated corporate income tax return can reveal weaknesses in forecasting, budgeting and cash planning. Here is what business leaders should watch. Forecasting a company’s profit is a little like looking at a hurricane track five days before landfall. […]
Your IT02 Tells TAJ a Story About Your Business. Is It the Same Story Your Accounts Tell?
Your IT02 Tells TAJ a Story About Your Business. Is It the Same Story Your Accounts Tell? The IT02 is more than Jamaica’s corporate income tax return. Here is what CEOs, CFOs and boards should know about the financial story their company files with TAJ. A company’s annual tax return is a little like its […]
Key Tax and Statutory Filing Deadlines for Businesses in Jamaica
Key Tax and Statutory Filing Deadlines for Businesses in Jamaica Missing a filing deadline can expose a business to penalties, interest and unnecessary compliance problems. Jamaica does not have one universal business filing date. Some obligations are monthly, others are quarterly or annual, while Companies Office filings are linked to each company’s return date. This […]
Accounting Is an Investment, Not an Expense: Why Medium to Large Companies Should Consider Outsourcing It
Accounting Is an Investment, Not an Expense: Why Medium to Large Companies Should Consider Outsourcing It Many companies treat accounting as a necessary cost, something required for tax filings, payroll, audits and year-end financial statements. That view misses its larger purpose. For a medium to large company, accounting supports sound decisions, protects assets and keeps […]
How to Register a Company in Jamaica When You Are Not Jamaican
How to Register a Company in Jamaica When You Are Not Jamaican Jamaica continues to attract interest from overseas investors, returning residents, regional entrepreneurs, consultants, creatives, and professionals who see the island as a serious place to do business. The opportunity is real. Jamaica has a recognised legal system, a growing digital business environment, access […]
Tax Money Is Not Working Capital: A Costly Mistake Jamaican Businesses Must Stop Making
Tax Money Is Not Working Capital: A Costly Mistake Jamaican Businesses Must Stop Making A finance manager once described tax season in a way that many business owners would understand: “The money was there until we remembered it was not ours.” That sentence captures one of the most common cash flow problems in business. The […]