KINGSTON, Jamaica — National Commercial Bank Jamaica Limited (NCB) is urging businesses to take a more structured approach to tax payments, warning that lump-sum obligations during the tax period can strain cash flow and disrupt operations.

At a seminar hosted by the bank, officials said many firms, particularly small and medium-sized enterprises, continue to rely on existing cash reserves to meet tax obligations, limiting their ability to fund day-to-day activities and growth.

“Our goal is not only to help businesses meet their tax obligations, but to do so in a way that protects their working capital and supports long-term growth,” said Perrin Gayle, NCB’s executive vice-president of retail banking.

The event, titled “Master Tax Season and Get Rewarded”, attracted more than 100 in-person participants and over 400 online attendees, and focused on managing tax payments, improving record-keeping and increasing use of digital financial tools.

Business owner Noman Walker said the session highlighted alternative payment options that could reduce immediate cash outflows.

“The repayment flexibility is pretty exciting,” said Walker, chairman of Portmore Mall. “I can now use the card to pay taxes without affecting my cash flow.”

NCB said adoption of digital banking tools remains uneven, with more than 90 per cent of corporate clients actively using its online platform compared with about 50 per cent of small and medium-sized enterprises.

“When businesses adopt digital tools, they gain greater visibility into their finances and stronger control over their cash flow,” said Danielle Cameron Duncan, acting senior vice-president of payments and enterprise operations.

Officials from Tax Administration Jamaica (TAJ) told the seminar that compliance can support business growth, but noted recurring issues among smaller firms, including weak record-keeping, incorrect expense classification and the mixing of personal and business finances.

Participants were encouraged to separate business and personal transactions, adopt digital payment systems and use online banking tools to monitor financial activity.

The seminar concluded with a panel discussion involving NCB, Mastercard and TAJ representatives, addressing issues including filing requirements for inactive businesses and access to tax credits.

NCB said a recording of the session is available on its YouTube channel.