NIS WAIVER OF INTEREST AND PENALTIES

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Employers and self-employed persons are being granted a 50 percent waiver on the interest and penalties due to the National Insurance Department in respect of outstanding National Insurance contributions.

This decision was taken by the Minister of Finance in light of the current economic challenges.

In order to qualify for the waiver, employers and self-employed persons must enter an agreement with the National Insurance Board for the payment of arrears of
contributions and interest. In addition, all arrears of contributions and half of the outstanding interest must be paid within the period of the agreement.

Another stipulation is that from March 2009 and throughout the period of the agreement, persons in the programme must remain current in the payment of their contributions, which are due by the 15th of the following month.

The payment plan ranges from 18 months to five years depending on the level of indebtedness. The schedule is as follows:

$1,000 and less than $10,000                 18 months
$10,000 and less than $20, 000               24 months
$20,000 and less than $50,000                36 months
$50,000 and less than $100,000              48 months
$100,000 and greater                            60 months

Employers and self-employed persons are also advised that they can enter the programme anytime between April and December 2009. The cut-off period for arrears of contributions will be February 2009, while the cut-off period for interest will be March 15, 2009.

Persons requesting further information should contact the Compliance Section of the National Insurance Office at 431-7400 or visit the website www.nis.gov.bb.

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