TAJ’s Direct Funds Transfer tops payment options for Q1 of FY2021-22

Tax Administration Jamaica (TAJ) is reporting that its recently introduced Direct Funds Transfer (DFT), topped all payment options for the April to June quarter of the fiscal year 2021-22, with a total of J$51B collected representing 44% of the tax collected for the period.

These positive results reflect steady growth in the percentage value collected via DFT since the start of the current fiscal year, with 39% in April, 43% in May and climbing to 49% in June 2021. It is expected that this trend will continue as the focus is now being placed on encouraging small and medium enterprises to adopt this payment option that is now being used primarily by large taxpayers.

The Direct Funds Transfer payment option, implemented as a pilot in January 2021, gives taxpayers the convenience to electronically transfer funds from their own bank account to TAJ’s bank account using ACH or RTGS, for the payment of several business related taxes and fees, such as GCT, Income Tax and payroll deductions. With over sixteen thousand transfers recorded during the period April 1 to June 30, 2021.

This newest addition to the Tax Authority’s payment options is designed to reduce and remove the manual direct banking arrangements which existed. It has also improved the ease of doing business with the TAJ, as it continues to reengineer its business processes to offer a fully automated direct funds transfer solution. An additional benefit to customers utilising the new procedure, is being able to access and print their own official receipts from the TAJ website at www.jamaicatax.gov.jm.

The DFT Payment Option which is semi-automated, has been developed primarily for customers of other banks but is also available for customers of Scotiabank and National Commercial Bank (NCB), who have other payment options available to them. Customers using this option are required to first generate a Payment Advice on TAJ’s website via their Revenue Administration Information System (RAIS) eService account, which has been enhanced to include a Direct Funds Transfer Number (DFTN). When transferring the funds to TAJ’s bank account the customer must to enter the DFTN as the very first item in the particulars/memo field thereby communicating to TAJ the instructions for the receipting of the funds. The use of the DFTN will enable RAIS to automatically generate the receipts for payments, which may then be printed from TAJ’s website by the customer.

Persons may access additional information and details about the Direct Funds Transfer through an Information Hub on TAJ’s website at www.jamaicatax.gov.jm, which includes a brochure, guides and other useful material.

Customers are also reminded that they have several other electronic payment options available to them, such as via the TAJ website, using a credit card or other bank card with credit card features; ACH direct debit deposit for Scotiabank customers; or NCB Online Bill Payment option for customers of NCB. 

For further information and support, customers assigned to the Large Taxpayer Office may contact their Client Relationship Manager. Other customers may contact a Taxpayer Education Officer, the TAJ Customer Care Centre at 888-TAX-HELP (888-829- 4357) or access the relevant “How To” guides on the TAJ website at www.jamaicatax.gov.jm.