The issues that plague the brokerage and securities dealer, Stocks and Securities Limited (SSL), continue to pile up as it becomes public knowledge that the company owes the Jamaican Government millions of dollars in outstanding taxes.
According to the Jamaica Gleaner, SSL owes the government $40 million dollars in taxes. As the multi-billion dollar fraud scandal involving former Olympian Usain Bolt continues to unravel, SSL only seems to be sinking into more hot water as time passes.
Active for over 50 years, tax info on the firm attained on January 30, 2023, states that $40.5 million dollars is outstanding in payroll taxes, with the majority attributed to income tax deductions (PAYE) at $27 million.
An additional amount of $4.5 million is owed to the NIS (National Insurance Scheme), $327,000 to the NHT (National Housing Trust), $3 million in dues to the HEART/NSTA Trust as employer’s contribution, and $5 million is owed in education taxes.
It was reported that the financial statement that was audited for SSL for June 2022 shows a buildup of roughly $36M in “staff related” debt and general consumption taxes.
RELATED: FBI Now Involved in SSL Fraud Scheme
According to the government, the process where private stocks and bond companies such as SSL are not required to give information on their financials to investors might change in the foreseeable future.