The income tax form is now online and taxpayers have already begun to file their individual tax returns for the Income Year 2014.
This disclosure has come from Communications Officer at the Barbados Revenue Authority, Erica Lazare, who said the form was uploaded on Tuesday, and within 24 hours, over 700 persons had filed.
Ms. Lazare is urging taxpayers to ensure their third-party information is uploaded and accurate; to update their registry information online; and to get their passwords sorted out before filing their returns.
???Taxpayers are reminded that their username is their national registration number, and if they cannot remember their password, they can acquire a new one by simply using the reset option on the page. However, it is important that persons can access their email addresses in order to receive the new password that would be issued,??? she said.
Taxpayers may access the Electronic Tax Administration page at: https://etax.ird.gov.bb. Income tax returns must be filed by Thursday, April 30, 2015, by every person ??? resident or non-resident ??? who carried on a business, vocation, trade or undertaking of any kind, or an adventure or concern in the nature of trade in Barbados, during the Income Year 2014.
Ms. Lazare listed those who should file as: owners of property from which an assessable income was derived; a trust or estate; persons resident in Barbados whose assessable income from employment was in excess of $25,000; and individuals not resident in Barbados who received income arising in this country.
She added that pensioners 60 years of age or over whose assessable income (inclusive of pension) was in excess of $40,000, are also included.?????Failure to deliver a return of income by April 30, 2015, or to estimate the tax payable, will incur a penalty of $500 and five per cent of the tax assessed and unpaid,??? Ms. Lazare stressed.
She added that ???a penalty of five per cent or $10, whichever is greater, will also be applied for failure to pay the estimated tax??? by the stipulated date.??In addition, interest will be payable on the largest amount of any unpaid tax and penalty at the rate of one per cent for each month during which any amount of tax and penalty remain unpaid. ??
Ms. Lazare said individuals in receipt of business or rental income must pay the balance of the unpaid tax no later than Thursday, April 30, 2015.?????Every individual in receipt of business income and other income not received from that business and whose other income is 75 per cent or more of his total assessable income, is required to pay half the tax by the stipulated deadline,??? she stated.
She acknowledged that ???manual filing of returns and other documents is an available method for the 2014 year of income???, but stressed that ???electronic filing of the forms is the preferred option for submission of the information???.