Taxpayers in Grenada are being reminded that the filing period for Personal Income Tax (PIT) relative to 2019 tax is currently ongoing.
Taxpayers whose financial year ended December 31, that includes salaried workers who earn three thousand dollars and over monthly, or thirty six thousand dollars and over annually, are encouraged to file on/or before the March 30, 2020 due date.
Failure to do so, a release from the Ministry of Finance says, will result in a late payment fee of five hundred dollars or 5%, whichever is greater, plus a monthly interest of one hundred dollars or 1%, whichever is greater once failure to file continues.
Taxpayers are also informed that a new form was crafted to simplify the process of completing the Personal Income Tax return.
The current income Tax rates are 10% and 28%.
Filing taxes, the release says is important to claim adjustment against past losses, useful in the event of revised returns, avoidance of late filing penalties, process refunds and also to reconcile the amount paid on one’s behalf from their employer with their declaration.
Forms can be obtained at post offices across the island including Carriacou and Petite Martinique.
Taxpayers are advised to check the post office for their returns.
Forms for filing can also be accessed from the Inland Revenue Division’s website www.ird.gd
