The month of March is here and represents a major filing and payment period at the Inland Revenue Division. Companies whose fiscal year ended December 2017, sole proprietors and individuals earning over $36,000 per year are reminded to file and pay on time.
These taxpayers have 90 days to file their Corporate Income Tax (CIT) Returns (Companies), and Personal Income Tax (PIT) Returns (Sole Proprietors and individuals), however due to the Easter holidays taxpayers are encouraged to file and pay before 29 March.
This is to avoid taxpayers from sending in their returns after the deadline which will result in a penalty of $500 of the amount of tax owing, plus $100 for every month failure to file continues, or 5% of the amount of tax owing plus 1% for every month failure to file continues, whichever is greater.
Business owners are also reminded that Annual Stamp Tax (AST) is also due and efforts should be made to file and pay before 30 March.
If you need any assistance to complete the filing process, please visit the Inland Revenue Division to receive assistance in doing so.
For further information, please contact Kareen Morain-Alexander, Public Relations Officer, Inland Revenue Division, Ministry of Finance and Energy at 435-6945/6, 435-1905 or email [email protected].
Ministry of Finance and Energy