THE TAX Administration says the electronic drop boxes installed to facilitate cheque payments is gaining ground with taxpayers.
They were installed at six locations at the island's main tax offices on March 13 to facilitate the March 15 deadline for payment.
June 15 is the due date for companies and self-employed persons to pay their second quarter estimated income tax for 2006 to the Collector of Taxes, Inland Revenue Department (IRD).
EASIER PAYMENT
The aim is to make it easier to pay your taxes, Karen Roberts, director of taxpayer education, told The Gleaner yesterday.
"You don't have to join the line to pay your taxes," she stated.
As the payment deadline looms, lines tend to get longer, Ms. Roberts said. That is when the drop box makes a big difference.
But the system does not accommodate cash payments, as it is used to file returns or pay taxes by cheque only. The electronic drop box provides a stamped receipt when the payee submits his returns.
"There has been some take-up so far, particularly at the St. Andrew revenue service centre," she said.
Drop boxes are located at the revenue centres in St. Andrew, downtown Kingston, Cross Roads, Spanish Town , Montego Bay and and Mandeville
June 15 is the due date for companies and self-employed persons to pay their second quarter estimated income tax for 2006 to the Collector of Taxes, Inland Revenue Department.
LEGAL REQUIREMENT
Under the Income Tax Act, taxpayers are required to calculate their estimated income and the applicable tax for each year and pay the amount to the Collector of Taxes in four installments by March 15, June 15, September 15 and December 15.
A taxpayer's estimated income for the year may include projected profits, gains or losses from a trade, profession or business, less projected business expenses for the period. Tax would then be applied to the adjusted estimated income projected for the year.
This requirement does not apply to persons whose only source of income is from employment and whose taxes are paid under the Pay As You Earn (PAYE) system.
