Monday 15 October, 2018

BRA issues warning as it extends deadline for businesses 

The Barbados Revenue Authority (BRA) has served a reminder to its corporate and business taxpayers of an extension to the filing dates for June, 2018.

But it has urged business owners and tax agents to register in the BRA’s new online, integrated tax system to meet their tax payment obligation dates.

This assertion is being made by the Revenue Commissioner, Margaret Sivers ahead of the first payment and filing deadline on June 15, 2018, in the recently launched, Tax Administration Management Information System (TAMIS). She revealed that the filing extension is until June 30, 2018, but that payment of taxes is still due on June 15 and 21, 2018 respectively for corporate and value-added taxes.

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Sivers further expressed the need for all employers, corporations, VAT-registered businesses and business tax agents to register online in TAMIS as they must receive a new Tax Identification Number (TIN) in order to manage their tax obligations.

“Since launching TAMIS on schedule at midnight on June 1, 2018 we have been working assiduously to process all submitted registrations, with more than 2,000 such business registrations already completed to date.”

The Revenue Commissioner explained that the introduction of TAMIS represents an important improvement for taxpayers as the BRA recognises the need for more efficient tax administration as well as more accessible and user-friendly services.

“TAMIS has replaced the eTAX and VETAS systems, providing a better platform that includes electronic notifications, simpler tax forms and tax agent management by the taxpayers themselves. Also coming soon will be online payments. These are all features that came out of the many sessions we held with our stakeholders over the past few years,” she stated.

TAMIS is being introduced in two Phases. Phase one began on June 1, 2018, for the business sector, while Phase two will see registration for individuals begin later in the year, with filing from February to April 2019.

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