KINGSTON, Jamaica — Tax Administration Jamaica (TAJ) is announcing the launch of a Special Arrears Settlement Programme designed to waive/remit Interest, Penalty and Surcharge (IPS) accrued once outstanding principal taxes are paid by March 31, 2025.

This will provide an opportunity for all individuals and businesses, whether self-employed, company or organisations, to clear their debts, without the additional costs typically associated with late filing and payments related to several tax types and become compliant.

It is expected that the arrears settlement programme will collect $10 billion in outstanding taxes, significantly reducing the debt stock by March 31, 2025.

Taxpayers with outstanding principal amounts for education tax, corporate income tax, individual income tax, pay as you earn, special consumption tax, general consumption tax, asset tax, and partnership income tax will have the opportunity up until March 31, 2025, to settle their arrears, and have the IPS waived by the same percentage that the outstanding principal has been settled.

According to the TAJ, the programme is restricted to outstanding principal tax up to the Year of Assessment 2024 and Period of Assessment 2025. This means taxpayers will be required to be current with their filing obligations, including income tax returns and payments due March 17.

Additionally, cases currently under objection and appeals will also qualify for the waiver, provided that the principal taxes have been paid. The TAJ said this could be before or after a decision or agreement on the amount determined on the objection or appeal.

Taxpayers wishing to take advantage of the programme are encouraged to contact Tax Administration Jamaica, to arrange to pay off the principal arrears by the March 31 deadline.

Additionally, some taxpayers have been identified by TAJ and will be invited to review the offer in order to benefit.

For additional informational support, persons may contact the Tax Administration Customer Care Centre at 888-TAX-HELP (829-4357) or visit the website www.jamaicatax.gov.jm