Monday 25 March, 2019

Barbados Revenue Authority makes paying taxes simpler

The Barbados Revenue Authority (BRA) has launched a new information and communication technology platform dubbed Tax Administration Management Information System (TAMIS), which is expected to provide faster, more efficient and user-friendly services to both tax officers and taxpayers.

Between May 2018 to July 2018 there will be taxpayer training for all phase1 functionality (Phase 1 is for Business Sector only) during the month May June taxpayer registration will begin and in June 2018 TAMIS will go live.

The first filing date for Corporation Tax is June 15th and June 21st has been earmarked as the first filing date for Valued Added Tax, Excise Tax and NSRL with June 30th set aside for filing Premium Tax.

BRA Revenue Commissioner Margaret Sivers addressing the launch on Friday at The Lloyd Erskine Sandiford Centre, said TAMIS is critical at this.

“We no longer act within our own vacuum but rather in a shrinking world where developments in one state can affect how we do business at home. Furthermore, increased globalization has necessitated the adoption of international tax standards, most notably, new interventions such as the Foreign Account Tax Compliance Act, Common Reporting Standard and Base Erosion and Profit Shifting,” she explained.

BRA enters its fifth year of operation soon she noted, and although integrated in terms of personnel, structure, and in some ways, legislatively, Sivers says their major goal has been to ensure that their main ICT resource follows suit.

Currently, both tax officers and customers have to traverse several tax systems, each with its own requirements and intricacies, this she acknowledged is not an ideal situation.

New technologies are therefore necessary she stressed, if they must be proficient and efficient in collecting taxes in the 21st century in an environment where they are faced with various compliance challenges and where the expectations by taxpayers continue to rise. 

In this respect, BRA she explained further has forged ahead in developing an integrated tax system that allows for more flexibility and accuracy.

The Revenue Authority she affirmed is committed to continued collaboration and communication with their stakeholders, and in this vein, they will be stepping up their meetings with various sector representatives and encourage them to contact BRA through various channels.

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