Benefits
When you contribute to the NHT, some things get easier.
Clearance for a TCC
As a business person, you may need a tax compliance certificate (TCC) to conduct certain business, such as clearing goods off the wharf, opening a bank account, borrowing a loan, or vying for government contracts. To be issued a TCC from Tax Administration Jamaica, you may require a clearance letter from the NHT and National Insurance Scheme (NIS).
The NHT grants clearance letters to self-employed contributors whose contributions and returns (S04 and S04A) are up-to-date.
Tax Credit
If you have employees and you file and pay their NHT and NIS contributions, income tax and education tax on time, you may claim an employment tax credit of up to 30% of your business’ income at the end of the year.
Housing Benefit
After contributing for 52 weeks, you are eligible for a low interest rate NHT loan to build, buy or improve a house or to buy residential lot. You may apply for a loan by yourself or you could co- apply with one or two other qualified NHT contributors to increase the funds available to pursue your homeownership goal.
Contribution Refund
You can get back all the contributions you made in any given year, after seven years. The refund will include the contributions made in that year, plus interest.
Penalties
Presently, there is a penalty charge of 20% per annum for late submissions of payments. Additionally, where payments are deemed delinquent (usually outstanding for more than a year), a surcharge of 10% on the penalty plus any arrears is also applied.
Where Employers are found to be withholding information required by the NHT in relation to contributions or Annual Returns, they may be fined an amount of $30,000 or 3 times the amount of the unpaid contributions, whichever is greater.