KINGSTON, Jamaica — Tax Administration Jamaica (TAJ) says, in keeping with its national compliance plan, it has embarked on a series of activities aimed at improving compliance of the real estate sector.

TAJ said, under the Revenue Administration Act (RAA), it has collaborated with a number of public bodies and private sector entities, to ascertain both the source and quantum of income from third party transactions.

The tax authority explained that through its Intelligence, Investigation and Enforcement Unit (IIEU), it will be focusing on certain sectors, primarily the real estate sector for the third quarter and beyond to encourage compliance.

“Developers who have sold properties, architects and contractors who have offered their services, persons who are in receipt of rental income as well as other players within the sector are being encouraged to file their returns, report accurately and comply with the tax laws,” TAJ noted.

The agency further noted that this action forms part of the sustained efforts to enforce the laws it administers in order to improve trust and fairness within the system.

Delinquent taxpayers are strongly advised, that failure to report income, profits or gains as defined within the Income Tax Act, will result in enforcement action by TAJ utilising the applicable provisions under the law.