Thursday 29 October, 2020

Last day to file 2019 Personal Income Tax

COVID-19 gave taxpayers extra time to file their returns but that time is up now.

Today, June 30 is the new deadline for filing taxes.

All persons who are to file Personal Income Tax claims have less than 24 hours to complete the task. Persons will incur penalties if they file after 11.59 pm tonight.

The Barbados Revenue Authority on May 29, 2020, extended the filing deadline saying that they "pushed back the cut-off date for individuals to fulfil their tax obligations from May 29 to the end of June. This extension was necessitated by the fact that many public and private sector entities have either submitted requests to amend information which was uploaded to the system or have not yet uploaded any information into TAMIS. This limits individuals being able to file returns.

In an effort not to put any individual taxpayers at a disadvantage, the Authority decided it would be prudent to grant a further extension at this time. The additional month is enough time for accounts to be updated and to facilitate taxpayer compliance within the amended deadline."

Persons earning $25,000 or less still have to file their Reverse Tax Credit claims. A person has up to two years to file for the Reverse Tax Credit. Therefore, there is no rush to complete these today. From July 1, 2019, persons earning between $25,000 to $35,000 were also supposed to be eligible for the Reverse Tax Credit. Amongst the layman on the streets, this is called 'The 1300'.

 

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