From Jamaica Observer:
Government will take Stone Love and the Peter Tosh Memorial Fund to court this week for not filing annual returns, which spill details about changes in equity and directors.
It's not that they owe taxes, it's that they haven't given information about the company activities throughout the year according to the Registrar of Companies (ROC). The government agency will take 12 companies to court on the same matter in front of Justice Thompson-James on May 19.
"It means that some returns are outstanding," Heather Sutherland, compliance manager and attorney at law at the ROC, said of the companies. "Annual returns are different from tax office returns. Our returns gives a synopsis of the what has taken place in the company over the year, whether there was a change in the directors or change in share capital. It is like a history of the company it is important for the public because it is a public record. And gives the health of the company. That is why it is so important."
The annual returns cost $4,000 a year to file, but there is a $1,000 late fee.
Sutherland said that the many companies are delinquent amidst government's drive to increase tax compliance and reduce the informal economy estimated at some 40 per cent of GDP.
"There are a number of companies who are delinquent and such cases are mentioned twice a week in court," she said.
There are over 200 sound systems in Jamaica but Stone Love, which was established in 1972 remains legendary. The Observer was unable to get an official comment from Stone Love, but a source at the office stated that the "accountant should have dealt with the returns and that it should not be a problem".
Stone Love's headquarters are on Burlington Avenue. The Peter Tosh Foundation is in honour of the reggae icon, who was part of the Wailers before charting on his own musical path.
