The Inland Revenue Department is encouraging all third party information providers to file all relevant statements for the reporting of amounts paid to all residents during the 2013 income year online on or before Friday, February 28.
Those providers are advised that they have the option of using the Department???s XML File or web form, both of which are available on its website at https://etax.ird.gov.bb.
Failure to submit the necessary information within the time required will incur the relevant penalties as stipulated by the Income Tax Act, 1968-51.
Third party information providers include all persons who, for the supply of goods or services, have made payments to resident independent contractors such as accountants, attorneys, computer programmers, air-conditioning and refrigerator technicians, auto mechanics, builders and/or contractors, carpenters, freighters and custom brokers.
They also include all employers who have paid remuneration including salaries/wages and other benefits to their employees; all financial institutions and other agencies which have made payments to residents in respect of interest, dividends, royalties, and after tax branch profits; and all partnerships, joint ventures or estates from which divided income was paid to the partners.
In addition, all institutions in receipt of contributions made towards Registered Retirement Savings Plans; payments in respect of mortgage interest; subscriptions to registered trade unions; house owners insurance premiums; and payments made to exempt and registered charities, as well as medical practitioners who have received payment in respect of medical expenses during the 2013 income year, are expected to file the relevant returns, consisting of information forms and their corresponding summary statements to the Commissioner of Inland Revenue.