The Value Added Tax (VAT) Division of the Customs and Excise Department has reminded persons registered to collect VAT for the taxable period January 1, to February 28, 2010, that an accurate return must be filed by next Monday, March 22.
According to an official of the Division, they must also pay all output tax due by that date, or they will incur a 10 per cent penalty on any outstanding tax. Interest of one per cent will also be charged for each month on all taxes and penalties outstanding until payment, while there will be a $100 fine for non-filing.????
The official also stressed that inaccurate returns submitted to the Comptroller are recorded as returns in error, and not as returns filed. Consequently, refunds claimed cannot be paid until accurate returns are filed for all previous taxable periods.
Registrants requesting further information on the filing of their VAT returns should contact the VAT Office at 467-1100.