Promoters of public entertainment during the Crop Over Festival are again being reminded that they must register their bands and events for Value Added Tax (VAT) purposes.
All promoters of Crop Over Grand Kadooment bands, Foreday Morning bands and shows, are being advised that they are required to comply with the requirements of the Value Added Tax Act, and must therefore receive written permission from the Revenue Commissioner to stage their events.
Persons may register at the Barbados Revenue Authority???s (BRA) Customer Service Department on the Ground Floor of the Treasury Building, Bridge Street, St. Michael, or online at evetas.customs.gov.bb.
Revenue Commissioner of the BRA, Margaret Sivers, also stressed to promoters that all complimentary items, such as tickets and costumes, must be taxed at the standard VAT rate of 17.5 per cent, and should be declared on the filing of their VAT returns.
In addition, Ms. Sivers reminded promoters that payment to the amount equal to five per cent of the value of the costumes and tickets printed for that entertainment, or such other amount as the Revenue Commissioner may determine, is due within seven days of the staging of their events.
???Promoters should therefore ensure that all VAT filings are up-to-date, and that the necessary arrangements are made to liquidate all outstanding debt before promoting their events,??? she added.
Persons should also note that holding events without permission may result in a fine of $10,000, imprisonment for two years, or both.
For any queries related to this process, contact the BRA at 430-3226, 467-1123 or 622-1618.