KINGSTON: President of the Private Sector Organisation of Jamaica (PSOJ) is urged accountants to help in improving tax compliance in the island.
William Mahfood, who delivered the main address at a media briefing in Kingston to announce activities planned to celebrate the 50th anniversary of the Institute of Chartered Accountants of Jamaica (ICAJ), said the institute and its members can play a very strong role in this regard.
“The country was way below its revenue targets up until December, especially in the areas of corporate tax and personal income tax,” Mr. Mahfood noted.
Mr. Mahfood said he has had discussions with the Minister of Finance, Dr. the Hon. Peter Phillips, about lowering tax and duty rates, which will also help to bring more people into the tax net.
The President congratulated the ICAJ on its 50th anniversary and lauded the Institute for upholding integrity and values.
“When I think about the values of the ICAJ, they speak to the tremendous professionalism of your membership; the integrity of the profession and the accountability, something that is sometimes lacking in Jamaica,” Mr. Mahfood said.
Meanwhile, President of the ICAJ, Dennis Chung, informed that the Institute has an ongoing programme which is used to educate high school students on the importance of tax compliance.
“We actually have a programme with the Association of Chartered Certified Accountants (ACCA) in the high schools,” he noted.
He said the ICAJ has produced a number of outstanding members in its 50 years and urged the current 1,200 members to continue to uphold the integrity of the institution.
“We must continue to be at the forefront of integrity and support the development of Jamaica,” Mr. Chung said.
The celebrations began with church services last month. Last weekend the Institute also held its annual workshop on International Financial Reporting Standards (IFRS) at the Jamaica Conference Centre, which focused on changes to national accounting standards.
During the year, the ICAJ will highlight 50 Acts of Kindness carried out by members of the Institute over the years and also launch a commemorative 50th anniversary Scholarship. There will also be presentations to service organisations, universities and targeted high schools to promote the profession and encourage students to choose that career.
Additionally, an anniversary business conference is planned for October, and in December the Institute will host its golden Gala Awards under the patronage of governor-general, his Excellency the Most. Hon. Sir Patrick Allen.
The ICAJ was established on January 18, 1965 and formally incorporated under the public accountancy Act (1968). The Act regulates the practice of accountancy in Jamaica.
