Legal and Regulatory Framework 2 Flashcards
The place you can get a Name search
The Registrar:
Companies Office Of Jamaica
What is a TRN
Tax Registration Number
Benifits of Registering a Business
- Needed for applying for credit cards for the business
- Clients and Investors will be attracted
- Enables continuity of the business
- Facilitates attractive agreements between the business and its suppliers
Random Permits
Food Permits
Environmental Permit
Liquor License
TCC [ Tax Complience Certificate]
Why are labour laws important
Businesses must know the Labour Laws that are applicable to them in the territory in which they are situated and understand how to appropriate them. Their adherence to the laws promotes professionalism and reveal their ethics.
What are some Labour Laws of Jamaica
Trade union act 1919= Steps of how to become a Trade Union member
Labour Relations and Indistrual Disputes= Outlines the rights of workers as members of a trade union when there is industrial action
Employee termination and reduandy act= Procedure for calculation of payments, Terms of Qualification for reduancy, Minimum standards of Payments
Holiday with Pay act= Conditions for sick leave and paid vacation
Minimum Wage act= A set wage for workers
Maternity Leave act= Geared towards women who are pregnant
Industrial Relations
Refers to the interactions and relationships between management and employees. The Trade Union and the government will play an important role in these interactions
Collective Barganing
When a worker’s representative & management negotiate in order to arrive at an agreement on the terms and conditions of employment
Settlements of Disputes
Management and the employees represenative should agree on the procedure for the settling of disputes, it must be in writing and state the level at which an issue must be raised first.
Human Resources
Human resources (HR) is a function that serves as a link between employees and managemen.Written rules and guidelines that direct the behaviour of employers. They are important for the smooth running of the business.
Examples of HR policies
Attendance Policy
Break and Lunch Periods
Safety and Health
Standards of Conduct
Dress
Leave
Discrimination and Harrasment
What are Taxes uses for?
Repay public Debt
Attract foreign investors
Improve Balance of Trade by reducing imports
Increase or reducse consumer spending
Financial welfare programms
Equity
Equity= Taxes should be levied according to a person’s ability to pay. The tax must be progressive. The rich must pay more than the poor
Simplicty
System of taxation must be simple to understand, it will encourage compliance.
Convienece
Locations of Tax collecting Offices must be convenient to tax payers. Also improves compliance
Effiency and Flexibility
Tax system must promote effiency to enocurage this, taxes must be used for their appointed purposes.
Flexibility the system must be so designed that it easily adjusts as the conditions of the economy changes
Transparency & Economic
Taxpayers must be able to easily find information on the tax system and be able to view its various elements.
Economic= The cost of various facets of the tax system that is to be devised by the government should not be in excess of the amount of tax that is collected.
Random tax facts :)
A tax Haven is a juridisction with very low or no taxes, Cayman Island and Bahamas are two of the best Tax Havens!
Many Multinationals avoid paying any or much tax by maintaining subsidaries in one or more Tax Havens.
Tax Dodgers (me fr) evade or avoid taxes. When there is Tax Avoidance persons pay less tax through means considered legal by the Tax Department of the country.
A Tax Holiday is an incentive that is used to attract foreign ivestments.
Barbados, Jamaica and Guyana share:
Fuel tax, Stamp Duty, Value Added Tax
What are Tax Incentive
A tax incentive is a government measure that is intended to encourage individuals and businesses to spend money or to save money by reducing the amount of tax that they have to pay.
Productive Inputs Relief
Basically, goods in manufacturing and agricultural companies may receive GCT, Import duties, Stamp duties relief.
Tourism and Health industry may also recieve this :)
Special Economic Zones Relief
A SEZ is an area in which laws and regulations concerning business are different from those outside the zone. This attracts investors both local and foreign, and they will recieve Income tax, Property tax, Transfer tax and GCT tax relief and Customs duty relief
Urban Renewal Tax Relief
This provides tax reliefs for persons undertaking development programs in areas that have been selected as special development areas.
They may get Renewal, Tax Exemption from stamp duty and Transfer tax, Tax relief on rental income, Relief on interest earned by investors in an Urban renewal bond
