File income tax returns early!
Despite the majority of Barbadians not receiving their income tax returns from 2013, the Barbados Revenue Authority (BRA) is urging persons not to wait until the last minute to file for their income tax returns this year.
While explaining that the BRA was still in the process of distributing returns, BRA communications officer, Erica Lazare, is encouraging all taxpayers to file before the end of the month.
“The Barbados Revenue Authority has not stopped paying refunds since we started, so the process is ongoing. In fact, there has been no point in time when refunds were put on hold; once funds are made available, the payments are made.
“Taxpayers who have not received refunds should not let that be a hindrance to filing for 2014, because it is a separate income year and therefore the same laws apply. Taxpayers must file a return by Thursday, April 30, and failure to do so will incur a penalty of $500 for the late filing and five per cent of the tax assessed and unpaid,” Lazare said.
She warned that a penalty of five per cent or $10, whichever was greater, would also be applied for failure to pay the estimated tax by the deadline.
Lazare said that taxpayers did not have to go to the BRA’s offices if they were having problems accessing the system to file online.
“We do not want taxpayers to wait until the last minute to file their income tax returns. Persons may go to file and realise that they cannot remember their passwords and more importantly, the email address they used last year,” she said.
“Persons can easily get a new password by simply clicking the reset button, but they must have access to the email address used when they filed in previous years, in order to retrieve their new passwords. We are urging persons who cannot access the system due to this circumstance to simply email us as soon as possible, requesting their email addresses be updated so that they can file.”
Individuals are allowed a personal allowance of $25,000, while persons in receipt of pension income and over the age of 60 are entitled to claim an allowance of $40,000. Employed persons earning less than $25,000 are not required to file an income tax return.