Third Party Providers Required To Upload Info

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All third party information providers are being encouraged to file online, all relevant statements for the reporting of amounts paid to all resident persons during the 2015 income year.

According to a release from the Barbados Revenue Authority, providers are required to use the XML file or web form, both of which are available on the website https://etax.ird.gov.bb.

Third party information providers include persons who, for the supply of goods or services, have made payments to resident independent contractors including accountants, attorneys, computer programmers, system designers and analysts, air-conditioning and refrigerator technicians, auto mechanics, builders and/or contractors, carpenters, freighters and custom brokers.

Third party information providers are also any employers who have paid remuneration, including salaries or wages and other benefits to their employees; all financial institutions and other agencies who have made payments to resident persons in respect of interest, dividends, royalties, after tax branch profits; and all partnerships, joint ventures or estates from which divided income was paid to the partners.

In addition, all institutions who during the 2015 income year were in receipt of subscriptions to registered trade unions and payments made towards exempt and registered charities, are expected to file the relevant returns of information forms and their corresponding summary statements to the Revenue Commissioner on or before Monday, February 29, 2016.

Failure to submit the necessary information within the time required, will incur the relevant penalties as stipulated by the Income Tax Act, 1968-51.

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