Tax Administration Jamaica (TAJ) has issued a strong warning to business operators to keep financial records and to produce them in a timely manner when requested.
The warning comes in the wake of a wholesale and retail company being taken to St. Ann's Bay Parish Court last month for failure to produce financial accounts, records and documents as requested by TAJ.
A news release from TAJ said DAFA Wholesale and Retail was charged $250,000.
TAJ said failure to produce financial records when requested for an audit or investigation will result in prosecution under the Revenue Administration Act.
Tax Administration said business operators can be fined up to $2 million or imprisonment, or both.
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