NO. 12 /2020 Date: March 9, 2020
THE COUNTDOWN BEGINS FOR PERSONAL INCOME TAX FILING DEADLINE
The month of March is the deadline for individuals to file their Personal Income Tax Returns.
Employees are reminded that the current Income Tax law, not only mandates persons earning in excess of three thousand dollars ($3,000) per month or thirty-six thousand dollars ($36,000) per year to pay Income Tax, but also requires them to file an Income Tax Return each year.
Sole traders, partners, companies, other organizations, and employed persons are therefore urged to prepare and file their Return, submitting it to the Inland Revenue Division on or before March 30th, 2020.
This year the Individual Income Tax Return has been simplified for salaried workers and the Profit and Loss Statement has been reintroduced for individuals with businesses.
Individuals with businesses must either fill out the Profit and Loss Statement section provided on the form or attach a physical statement to the Return.
The return would not be accepted without the Financial Statement attached.
Taxpayers who do not meet the deadline of March 30th, 2020, will be required to pay late filing penalties of: five percent (5%) of the amount of the tax owing, plus a further one percent of the amount of tax owing for each month or part month once failure to file continues or five hundred dollars ($500), plus a further one hundred dollars for each month or part month once failure to file continues, whichever is greater. The Inland Revenue Division urges all taxpayers to ensure that they file their returns on time to avoid being charged penalties.
Motto: Inland Revenue Division- Striving Towards Greater Taxpayer Compliance
Inland Revenue Division