AUTOMATED TAX SYSTEM LAUNCHED

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From next year, persons conducting business with the Inland Revenue Department (IRD) will be able to do so from the comfort of their home or office, by using the Department’s new Automated Tax Administration System. 

This was announced today by Commissioner of the IRD, Sabina Walcott-Denny, as she delivered opening remarks at the Department’s annual tax fair in Heroes Square.

According to her, as a result of the new system, persons filing their returns for the income year 2008 will have the option of filing via the internet.

“When individual or corporation tax returns are filed via the internet, no attachments or paper documents will be required. Consequently, third parties, namely employers, financial institutions and other businesses will be required to provide electronically, specific information to the Department,” she explained.     

With respect to businesses, the Commissioner noted that they would now have to obtain the national registration numbers of their customers.

“In many cases, this information may have been obtained from the customer at the time of the transaction, but was not required to be submitted to the IRD.

In this new dispensation, the national registration number of the taxpayer will be required for all information submitted to the department. The support and cooperation of the business community will be of invaluable assistance to the IRD in order that the system functions effectively and efficiently,” Mrs. Walcott-Denny stressed. 

Under the new automated tax administration system, web-based services will also be provided for registration of companies and individuals; applications for tax clearances; requests for routine adjustments, filing of objections, change of address, examination of latest returns filed, and remittance and other forms. 

The Commissioner also pointed out that the Inland Revenue Department had consultations with major stakeholders such as the Central Bank, the Institute of Chartered Accountants of Barbados, Barbados Employers Confederation, the Small Business Association and co-operative credit unions, in November last year. These meetings were held in order to ensure that there was a smooth transition and buy-in by customers to the implementation of the system.

She issued an appeal to the entire taxpaying community to comply with the requests of the department. “Your cooperation will ensure that come 2009, there will be a smooth transition to e-filing in Barbados,” Mrs. Walcott-Denny said.

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