Crowe Horwath Jamaica
General Consumption Tax (GCT) Timely solutions that create lasting value.
In the course of assisting businesses in dealing with the Tax Administration of Jamaica (TAJ) and addressing their GCT concerns, we have come across errors which expose them to penalties as well as opportunities for GCT savings. We believe that effective management of GCT is crucial to business success. The key considerations include: n Minimising your risk of errors and
reducing the level of invasiveness of TAJ audits by ensuring that your GCT processes and procedures are operating effectively n Reporting your GCT returns timely and accurately n Identifying appropriate training for personnel handling GCT issues n Structuring supplies, purchases, invoicing and payments to optimize cash flow n Assessing the GCT implications of all transactions at an early stage and ensuring contracts include terms from a GCT perspective n Identifying and assessing the GCT impact of any planned or recent changes to your organisation’s business activities We offer assistance to businesses in dealing with the above considerations throughout their business lifecycle as outlined below.
For Newly Set Up Businesses GCT Compliance
We would be able to assist you in reviewing your GCT registration requirements, including the preparation and submission of GCT forms. Services include applications for GCT registrations, pre-registration input tax claims, GCT group or divisional registrations, as well as filing of GCT returns on an on-going basis.
Transaction Advisory
GCT is a transaction based tax. It is imperative to get the GCT treatment right at the start. We have extensive experience in rendering GCT advice on a wide range of issues and drafting requests to TAJ, including GCT issues in relation to: n International services n Inter-company transactions n Imports and exports n E-commerce n Transfer of business as a going concern n Real estate transactions n Company restructuring n Closure of business
Major Exporter Scheme (MES)/Import GCT Deferment Scheme (IGDS)
Essentially, the above schemes assist businesses to suspend GCT that would otherwise be payable on the importation of goods into Jamaica, thereby providing a cash flow advantage to your business. We will assess your eligibility for the MES, IGDS and other schemes applicable to you, and to assist in applying for the relevant schemes.