Taxpayers can now begin filing their income tax returns online.
This disclosure has come from Customer Service Manager at the Department of Inland Revenue, Neville Clarke, who said the income tax form, is now online and taxpayers had already begun to file.
???We uploaded the form on Thursday evening and within the first minute, three people had filed and by early Friday morning that number had grown to 600 taxpayers. I expect this trend to continue over the weekend and during the coming weeks,??? Mr. Clarke stated.
According to the official, income tax returns must be filed by Wednesday, April 30, 2014, by every person ??? resident or non-resident ??? who carried on a business, vocation, trade, manufacture or undertaking of any kind; or an adventure or concern in the nature of trade in Barbados during the Income Year 2013.
Mr. Clarke listed those who should file as: owners of property from which an assessable income was derived, a trust or estate, persons resident in Barbados whose assessable income from employment was in excess of $25,000, and individuals not resident in Barbados who received income arising in this country. He noted that pensioners 60 years of age or over whose assessable income (inclusive of pension) was in excess of $40,000 are also included.
He pointed out that those persons required to file returns should set out their assessable income, enter the deductions which they wish to claim, and calculate their taxable income and the amount of tax payable.
???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 stressed. He added that ???a penalty of five per cent or $10, whichever is greater, will also be applied for failure to pay the estimated tax??? by the stipulated date.
In addition, interest will be payable on the largest amount of any unpaid tax and penalty at the rate of one per cent for each month during which they remain unpaid.
The Customer Service Manager acknowledged that ???manual filing of returns and other documents is an available method for the 2013 year of income???, but stressed that ???electronic filing of the forms is the preferred option for submission of the information???.