With just over a week to go before April ends, those taxpayers who have not yet filed their income tax returns are being urged to do so now.
Audit Senior at the Barbados Revenue Authority, Neville Clarke, has warned that ???failure to deliver a return of income by April 30, 2014 or to estimate the tax payable will incur a penalty of $500 and five per cent of the tax assessed and unpaid???.
Mr. Clarke said: ???A penalty of five per cent or $10, whichever is greater, will also be applied for failure to pay the estimated tax by the deadline. In addition, interest will be payable on any unpaid tax and penalty at the rate of one per cent for each month during which they remain unpaid.???
To file online, persons should visit https://etax.ird.gov.bb and those who need assistance or additional information must contact the Customer Service Department at 430-3222, 430-3223 or 430-3224.
Mr. Clarke stated that persons who did not have access to computers could use those at the public library. He added, however, that while manual filing of returns and other documents was an available method for the 2013 year of income, ???electronic filing of the forms is the preferred option for submission of the information???.
He reminded taxpayers that individuals are allowed a personal allowance of $25,000, while persons in receipt of pension income and over the age of 60 are entitled to claim an allowance of $40,000.
He said taxpayers were entitled to claim allowances such as a maximum of two children per household; mortgage interest, home insurance and home improvements; subscriptions to a registered trade union, and Registered Retirement Savings Plans, among others.