Taxpayers are being reminded that they must file their income tax returns by April 30, 2013.
Customer Service Manager at the Inland Revenue Department, Neville Clarke, said “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 2012, must file an income tax return.
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 were also included.
He advised that those persons required to file returns should set out their assessable income, enter the deductions which they wish to claim, calculate their taxable income and calculate the amount of tax payable.
“Failure to deliver a return of income by April 30, 2013 or to estimate the tax payable will incur a penalty of $500 and five per cent of the tax assessed and unpaid,” 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 April 30, 2013”.
According to him, interest would 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.
He acknowledged that “manual filing of returns and other documents is an available method for the 2012 year of income”, but stressed that “electronic filing of the forms is the preferred option for submission of the information”.