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ANNUALRETURNOFINCOMEANDTAXPAYABLE
ORGANIZATIONS(UNINCORPORATEDBODIESOTHERTHANLIFEASSURANCE)
YearofAssessment

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THEINCOMETAXACT
Year

AccountingPeriod

Month

IT03

Day

Begins

Year

Month

Day

2 0

Ends

PleaseReadNotesbeforeCompletingthisReturn

SectionAGENERALINFORMATION
1. BusinessName

2. TaxpayerRegistrationNumber

3. BusinessAddress

(StreetNo.&Name,PostalZone,Parish)

4. BusinessMailingAddress

(ifdifferentfrom3)

5. TelephoneNumber
6. EmailAddress

7. Pleaseselectcategoryforcompany:
CompaniesregulatedbyFinancial
RegulatedCompany
ServicesCommission(FSC);BankofJamaica(BoJ);OfficeofUtilitiesRegulation(OUR)
orMinistryofFinance(MoF)applytaxrateforregulatedcompaniesatLine39

8. Indicatetypeoforganization
BuildingSociety

UnregulatedCompany
Companiesnot
regulatedbyFSC/BoJ/OUR/MoFapplytax
rateforunregulatedcompaniesatLine39

(UsespecifiedtaxratesotherthanthoseindicatedatLine5above):
*

DeceasedEstate

[BS]

Industrial&ProvidentSociety

[IPS]

SectionBSUMMARYOFINCOME

9. Tickappropriatebox:

Partnership

TrustEstate

NewAddress
RevisedReturn

Other (state):

(AttachSchedule1orFinancialStatementswhereapplicable)

INCOMEFROMTRADEORBUSINESS

GrossReceipts/Sales/Income ............................... 10
CostofGoodsSold ...................................... 11
GrossOperatingProfit/(Loss) (SubtractLine11fromline10)
.................. 12
Business/AdministrativeExpenses .............................. 13
14
NetAdjustments (Completepage2ofSchedule1andattach) ..............
15
TotalExpenses (SubtractLine14fromLine13) ......................
NetProfit/(Loss)fromTradeorBusiness (SubtractLine15fromLine12) ....................... 16
INCOMEFROMRENTALOFPROPERTY

GrossRentalfromLand,HouseorotherProperty...................... 17
18
RentalExpenses .......................................
NetRentalIncome (SubtractLine18fromLine17).................................... 19
INCOMEFROMINVESTMENTS&OTHERSOURCES _(AttachSchedule4)
Dividends(IncludingFrankedIncome),Interest,Investment,Annuities&Discounts

20

SourcesOutsidetheIsland ................................. 21
OtherIncome ......................................... 22
TotalIncomefromInvestmentsandOtherSources
(AddLines20,21and22) ................... 23
TotalIncomefromallSources (AddLines16,19and23) ................................ 24

SectionCDEDUCTIONS&CHARGEABLEINCOME
(Business&RentalAssetsAttachSchedule2) ....... 25
.... 26
CovenantedDonations (AttachSchedule4andproofofcovenant)
(SubtractLine25andLine26fromLine24)
TotalIncomelessCapitalAllowances&CovenantedDonations
ShareInterestPaid[BS&IPS] ................................ 28
TotalCapitalAllowances

27

.................. 29
TransfertoReserves[BS] ................................... 30
31
FrankedIncome (IfincludedinSectionB,Line20) ........................
........
Discounts,Rebates,DividendsorBonuses[BS&IPS]

Exemptions

.............................................. 32

OtherDonations (Restrictto(Line27minusLines28,29,30,31&32)*(5/105)) .... 33

34 34
TotalDeductions&Exemptions (AddLine25,26,28,29,30,31,32and33)
..............

(<AttachSchedule4)

AllowableLoss (TransferfromSectionD,Line40) ......................................... 35

ChargeableIncome (SubtractLines28,29,30,31,32,33andLine35fromLine27)
................................ 36
FormNo.IT03 (Revised2014/12)

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TaxAdministrationJamaica

SectionDAVAILABLELOSSES
Lossescarriedforwardfrompreviousyears.............................................. 37
AddCurrentlosses (EqualsLine27ifLine27isnegative) .................................... 38
39
Totallossesavailable (AddLines37and38)
...........................................

AllowableLoss; Isbusinesswithinfifthyearofstartup?

Yes (EnterLine39amountat40)

No(SeeNote1)

40

(SubtractLine40fromLine39)............................ 41

Totallossesavailabletocarryforward

Note1 If "Yes", Allowable Loss is restricted to the profits reflected at Line 27 less Lines 28, 29, 30, 31, 32 and 33.
If "No", Allowable Loss is the lesser (a) Line 39 OR (b) 50% of Line 27 minus Lines 28, 29, 30, 31, 32 and 33 (if Line 27
is positive).

SectionETAXCOMPUTATION (NotRequiredforPartnerships)
42
DividendsreceivedfromCompaniesResidentinJamaica ................................
(SubtractLine42fromLine36).... 43
ChargeableIncomelessDividendsfromCompaniesResidentinJamaica
(Line43xtaxrate______%;SeeNote2below)
.... 44
TaxonChargeableIncomelessdividendsreceivedatLine42
Note2 TaxRateisdependentonOrganizationTypefilingreturn;basedonselectionsatLines7and8.
TaxonDividendsReceivedfromCompaniesResidentinJamaica

(ApplicabletospecifiedpersonsonlySeeNote3)

45

Note3 IfpersonisspecifiedinSection12(1)(h),(z)or(ab)ofTheIncomeTaxAct,entertaxondividendsfromresidentcompanies
atLine62andtheamountwithheldatLine72.Ifpersonisnotspecified,enteratLines77and78respectively.
TaxPayableonChargeableIncome

(AddLine44andLine45) ............................. 46

NonRefundableTaxCredits(ExcludingMinimumBusinesTax)(AttachSupportingDocumentswhereapplicable)
DoubleTaxationRelief (RestricttotaxassociatedwithincomeatLine21) ... 47
TaxReliefinrespectofotherIncentiveIncome

..................

ContractorsLevy(AttachSupportingDocuments) ..................

48
49

EmploymentTaxCredit(ETC)(AttachSchedule7) ................. 50
51
OtherNonRefundableTaxCredits(AttachSupportingDocuments)........

..................... 52
TotalNonRefundableCredits (AddLines47,48,49,50and51)
53
TaxonChargeableIncomelessNonRefundableTaxCredits
(SubtractLine52fromLine46;Restricttozero)

RefundableTaxCredits(AttachCertificatesand/orSupportingDocuments)
54
TaxdeductedfromDistributions(excludingdividends)&InterestReceived
..
OtherRefundableTaxCredits (Excludingpreviousrefundclaims).......... 55
TotalRefundableTaxCredits (AddLine54andLine55) ............................. 56
TaxonChargeableIncomenetofTaxCredits(exceptMinimumBusinessTax)

(SubtractLine56fromLine53)

57

58
MinimumBusinessTaxPaid (ForcurrentYearofAssessmet)
.............................

TaxonChargeableIncomenetofalltaxcredits

(SubtractLine58fromLine57;Restricttozero)........... 53

TaxpayableonDividendsReceivedfromCompaniesResidentinJamaica ........ 60
TaxdeductedfromDividendsreceivedfromcompaniesresidentinJamaica........ 61
TaxdueonDividendsReceivedfromCompaniesResidentinJamaica

(SubtractLine61fromLine60) ....... 62

NETTAXPAYABLE/(REFUNDABLE) (AddLine62andLine53) ..............................

63

EstimatedTaxPaid ....................................................... 64
TaxBalancePayable/(Refundable)(SubtractLine64fromLine63)
............................. 65

SectionFBENEFITFORPRINCIPALMEMBERS
TRN

Name

DescriptionofBenefit

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ValueofBenefit

AmountDeducted

SectionGPARTNERSHIPSANDESTATES (Listothersonadditionalsheetandattach)
BasisofDistributionofPartnershipIncome
TRN

Name

Intereston
Capital

Salary

Goods
Used

Private
UseCar

Residential
Occupation

Preparer'sDetails (TobecompletedifpreparedbypersonotherthanTaxpayer)
Preparer'sName(Individual/Firm)

Shareof
Balance

Total
Share

Shareof
Estateor
TrustIncome

FOROFFICIALUSE

TRN.

Address

ContactNumber:

SectionHDECLARATION
Note:

Anyfalsestatementmadehereinbyyouoronyourbehalfwillrenderyouliabletopenaltiesand/
orcriminalproceedings

Ideclare,tothebestofmyknowledgeandbelief,thatthisreturnandaccompanying
schedulesandstatementsareatrue,correctandcompleterepresentationofthewhole
fortheyearstated.

oftheincomeof
(Organization'sName)

Name
Signature

Company
Stamp

Title/Position

Date

NOTESANDINSTRUCTIONS
Thesenotesareforuseasaguidetothecorrectcompletionoftheform.Beforeanysectioniscompleted,thenotesrelatingtoitshouldbe
read.Thenoteshavenobindingforceanddonotaffecttherightofthecompanytoobjectonmattersaffectingitsliability.Ifthereare
otherpointsonwhichguidanceisneeded,informationcanbeobtainedfromthenearestCollectorofTaxesortheTaxHelpUnit
(Calltollfree:1888TAXHELP).
ThisformistobecompletedbyBuildingSocieties,Partnerships,TrustsorDeceasedEstatesandSocietiesRegisteredUnderTheIndustrial
andProvidentSocietiesLawwhich:
(i)Arenotinvestmentcompanies,and
(ii)Haveatleastfifty(50)members,and
(iii)Havesharecapitalallofoneclass,and
(iv)Aresocietiesofwhichthemembersandshareholdersarerequiredbytherulestobe,andareinfact,substantiallyidentical,
oraresocietiesofwhicheachmember,isoratsometimewas,employedbythesameemployerandwhich,apartfrom
transactionsbetweenthesocietyanditsmembers,donotcarryonanytrade,businessorprofession.
ThecompletedformistobeaccompaniedbyacopyoftheBalanceSheetandProfitandLossAccount(andsuchothersubsidiaryaccounts
asarenecessaryforaproperunderstandingoftheseaccounts)andacopyoftheincometaxcomputation.
Pleasetypeorprinttherequiredinformation.DoNOTuseapencil.Useblueorblackinkpenonly.AlldollarvalueamountsinSectionsB
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NOTESANDINSTRUCTIONSFORCOMPLETIONOFIT03(Contd)
ORGANIZATIONS(OTHERTHANLIFEASSURANCE)UNINCORPORATEDBODIES
SECTIONAGENERALINFORMATION
Box7:RegulatedCompany
SelectifcompanyisregulatedbyFinancial
ServicesCommission(FSC),Bankof
Jamaica(BoJ),OfficesofUtilities
Regulation(OUR)orMinistryofFinance
(MoF)
Box7:UnregulatedCompany
SelectifcompanyisNOTregulatedby
FinancialServicesCommission(FSC),Bank
ofJamaica(BoJ),OfficesofUtilities
Regulation(OUR)orMinistryofFinance
(MoF)

Line18:RentalExpenses
Astatementshowinghowthetotalof
expensesismadeupshouldbesubmitted.
Normalrepairsandreplacementsare
allowableexpenses.Thecostof
improvements,reconstructionsor
alterationsisnotrepairs.Amounts
payablebythetenantmustnotbe
included.

Line20:Dividends(IncludingFranked
Income),Interest,Investment,Annuities
andDiscounts
Thegrossamountofincomeshouldbe
entered.Anycreditforincometax
Box9:NewAddressPleasetick
deductedwillbegiveninSectionETax
appropriateboxiftherehasbeenachange
Computation.Relevantcertificatesor
ofaddresssincefilingofthelastReturn.
warrantsaretobeattached.
Box9:RevisedReturnPleasetick
Line21:SourcesOutsidetheIsland
appropriateboxifthisisarevisedReturn,
Theamounttobeincludedistheamount
thatis,changesarebeingmadetoa
arisingoraccruingwhetherornotthe
previouslysubmittedReturn.
wholeoftheincomewillbeactually
receivedinJamaica,lessanyexpenses
SECTIONBSUMMARYOFINCOME
whollyandexclusivelyincurred.
Lines1013:GrossReceipts
/Sales/Income,CostofSold,Gross
Line22:OtherIncome
OperatingProfit/Loss,
StatethesourceonSchedule4.
Business/AdministrativeExpenses
Includethatinformationrelatingtotrade, SECTIONCDEDUCTIONS&CHARGEABLE
INCOME
business,professionorvocation,
cultivationorfarmingoflandasshownin Line25:CapitalAllowances
thefinancialstatements.Ifmorethanone Ifcapitalallowancesareclaimed,a
completedSchedule2,CapitalAllowances
activityiscarriedon,abreakdown
shouldbeattached.Entertheamount
showinggrossreceiptsandtherelated
claimedinLine25.
expensesofeachactivityshouldbe
submitted.Thetotalsshouldbe
Line26:CovenantedDonations
transferredtoLines1013.
Enteranyamountsmadeinrespectof
annuitiesorotherannualpayments
Line14:NetAdjustments
securedbydeedofcovenantinfavourof
Adjustmentsshouldbemadeforitems
theUniversityoftheWestIndies,the
thatcouldresultinanincreaseor
UniversityofTechnologyoranyother
reductiontoprofit.Expensesnot
approvedinstitution.(Attachproof)
allowableforincometaxpurposes,for
example,depreciation,donations,
Line33:OtherDonations
expensesnotwhollyandexclusively
Theamountorvalueofadonationto
incurredforthepurposesofacquiringthe
income,incometaxpaidaretobeadded anApprovedCharitableOrganization
(whethermoneyorproperty)should
back.Anycapitalprofitshouldbe
deducted.Thenetadjustmentshouldbe notexceedtheallowabledeductionof
5%ofChargeableIncomeatLine36.
takentoLine14.
Thisiscalculatedas5/105or1/21ofLine
Line17:GrossRentalfromLandHouse
27minusLines28,29,30,31and32.
andotherProperties
Line29:ShareInterestPaid[BS&IPS]
Enterthetotaloftheamountsreceived
AsprovidedforunderSection46ofthe
andattachschedule.
IncomeTaxAct.Anaccountofthis
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paymentmustbedeliveredtothe
CommissionerGeneralTaxAdministration
Jamaica.
Line29:Discounts,Rebates,Dividendsor
Bonuses[BS&IPS]
AsprovidedforunderSection45(2)(a)of
theIncomeTaxAct.
Line30:TransfertoReserves[BS]
AsprovidedforunderSection47ofthe
IncomeTaxAct.
SECTIONETAXCOMPUTATION
Partnershipsarenotrequiredtocomplete
SectionE.Calculatetaxattheappropriate
rate.
Line42:DividendsReceivedfrom
CompaniesresidentinJamaica
Stateamountofdividendsreceivedfrom
companiesresidentinJamaica.Account
forthetaxondividendsatapplicableline
(eitherLine46orLine60)
Effective:
January1,2009May31,2012:....0%
June1,2012March31,2013:.....5%
April1,2013:..................................15%
Line44:TaxonChargeableIncome
Applyappropriateratefortaxon
chargeableincomeafterdeducting
dividendsreceivedfromcompanies
residentinJamaica.
Lines4546and4954:Credits
Allcreditsclaimedaretotalledand
deductedfromtheincometaxcalculated.
Allcreditclaimsaretobesubstantiatedby
thesubmissionoftherelevantcertificates.
Creditshouldnotincluderefundsfrom
previousyears.
Line57:EstimatedTaxPaid
AnyEstimatedTaxPaidistobesetoff
againsttheNetTaxPayable.Anybalance
payableistobepaidtotheCollectorof
TaxesonorbeforeMarch15.
SECTIONFBENEFITFORPRINCIPAL
MEMBERSORPARTNERS
Whereanysumhasbeenpaidorany
expensehasbeenincurredinproviding
benefits(incashorotherwise)fora
principalmemberorhisrelative,detailsof
theexpenseorthepaymentmustbe
statedindicatingwhatamounthasbeen

NOTESANDINSTRUCTIONSFORCOMPLETIONOFIT03(Contd)
ORGANIZATIONS(OTHERTHANLIFEASSURANCE)UNINCORPORATEDBODIES
deductedinarrivingatthetotal
chargeableincomedeclaredinSectionC
Line36.Attachcontinuationsheet,if
necessary.

SECTIONGPARTNERSHIPSAND
ESTATES
Completetherelevantsections.Attach
continuationsheet,ifnecessary.
NB:IfitisnotpossibletomakeaReturnto
thenearestCollectorofTaxesonorbefore
March15followingtheendoftheYearof
Assessment:
ApplytotheCommissionerGeneral,Tax
AdministrationJamaicaforanextension
oftimefordeliveryoftheReturn,
statingthereasonfornotbeingableto
deliveritonorbeforeMarch15,and
whenitwillbepossibletodoso;
MakeaDeclarationofEstimatedIncome
andTaxPayableforthecurrentYearof
AssessmentonorbeforeMarch15.
Thereisnoprovisionforanextensionof
thetimeofdeliveryofthisdeclaration.
Inthesecircumstances,obtaina
DeclarationofEstimatedIncomeand
TaxPayable(FormIT07)forthepurpose
ofmakingaprovisionalestimateand
forwardthecompletedFormIT07tothe
nearestCollectorofTaxesonorbefore
March15.
MakearevisedDeclarationofEstimated
IncomeandTaxPayableforthecurrent
year,ifnecessary,whenthefinalReturn
fortheprecedingyearisdelivered.This
willreplacetheprovisionalestimate.

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