SELF-EMPLOYED PERSONS REMINDED THAT SECOND INSTALMENT OF TAX DUE BY SEPTEMBER 15
Those taxpayers in receipt of income from business or rental property during the current income year are reminded that the tax on their 2013 income is to be prepaid in instalments, with the second being due no later than September 15, 2013.
According to an official of the Inland Revenue Department, the payment is 25 per cent of the tax paid or payable on the 2012 income year, as indicated by the individual???s income tax returns which were filed on or before April 30, 2013.
Taxpayers are being further advised that they should apply in writing to the Commissioner of Inland Revenue for a determination of the amount of tax to be prepaid in instalments if they have commenced their businesses or received rents during the year 2013 or if they are of the opinion that the taxable income in respect of this income year may be less than that of 2012.
An individual who fails to pay the required amount within the prescribed time will have to pay to the Commissioner a penalty equal to 10 per cent of the sum that was not paid, or $10, whichever is greater. In addition to the penalty imposed, that person will also have to pay interest at the rate of 0.5 per cent per month on any amount unpaid by the stipulated time.??
MINISTRY OF AGRICULTURE CONTINUES PLANT CLINIC SERIES
The Ministry of Agriculture in collaboration with the Commonwealth Agricultural Bureau International, continues its plant clinic series for persons who want to improve food security by reducing crop losses.
It will take place at the Barbados Agricultural Development and Marketing Corporation, next to the DHL Building, Christ Church on Friday, August 30, from 9:00 a.m. until midday.
Persons are asked to bring their sick plants to the clinic as representatives from the ministry will be on hand to answer any questions on plant health from farmers and householders.