With the introduction of electronic filing from this year, taxpayers now have three options available for filing their year-end information returns with the Inland Revenue Department (IRD).
One of the options is completing and submitting returns via the internet, using the web forms provided through the IRD’s website.
According to Senior Tax Inspector at the IRD, Neville Clarke, this method is recommended for small business employers. He pointed out, however, that to use this method, these individuals would need to have the National Registration Numbers (NRN) of all their employees.
“Once you have the NRNs, you can key them into the form on our website and then you can key in the salaries, commissions, bonuses, overtime, etc. for your employees,” he explained.
Another option is bulk e-filing using extensible mark-up language (XML) files to upload the information. This method of filing, according to Mr. Clarke, is suitable for large employers.
“If you have a large number of employees, it would be very tedious to use the web form. The XML schema is a payroll package or a package designed by your Information Technology department. It allows employers to capture the information from their payrolls and then upload it to us via the web,” the Senior Tax Inspector stated.
He stressed that the third option, manual filing, was for those taxpayers who did not have access to the internet. “Such persons can still prepare the information returns manually and send a paper copy to the IRD for later reconciliation,” Mr. Clarke noted.
He reminded those taxpayers who wanted to file their returns online, that the website could be accessed at https://etax.ird.gov.bb.