When filing income tax returns for the 2008 income year, individual taxpayers are being encouraged to make use of the direct deposit option which is being offered by the Inland Revenue Department (IRD).
Senior Tax Inspector at the IRD, Neville Clarke, pointed out that the direct deposit method was cost effective and would facilitate the “seamless and timely processing of tax refunds”.
He explained: “When you are processing cheques, you first have to get the cheques printed, then you have to sign the cheques, then, after the money is released you have to post the cheques.
With the direct deposit, the person simply provides the information about the account they want the money deposited into on the relevant section of their tax return form and once the refund is processed, we send the money to the account and that is it.”
Mr. Clarke noted that the public sector would be leading by example, with the IRD using the direct deposit method for all relevant public officers. “The deposit will be made to the same bank or credit union accounts which are used by the Accountant General for the payment of salaries and wages.
“However, where officers would wish for other account numbers to be used, they must indicate their request by submitting the information to the Department on their 2008 individual income tax return forms at the time of filing,” he stated.