The Inland Revenue Department is this week stepping up its Tax Awareness Campaign, to ensure that Tax-Payers file their returns before the March 31st, 2016 deadline.
Speaking on NBC’s Face to Face programme on Tuesday, 29th, March,2016, Deputy Comptroller at the Inland Revenue Department, Gwyneth Martin, noted that e-filing was introduced here in 2012, along with Value Added Tax (VAT).
She noted that a range of options are available in relation to e-filing, including Pay-As-You-Earn (PAYE), as well as corporate and personal income tax. Ms. Martin said that there are just over 7,000 users of the e-filing system, and the Inland Revenue Department is hoping to increase this to at least 10,000 for this tax cycle.
She added that some Vincentians are resistant to change, and noted that this is possibly why more people are not taking advantage of the online filing system. Meanwhile, the Deputy Comptroller at the Inland revenue Department (IRD) says that there are varying penalties for the late filing of tax returns, including $20.00 per month late fee.
Personal Income tax returns are to be filed by the 31st of March 2016. Businesses are also expected to file by that date, unless their financial year ends on December 31st.
Source: NBC Radio