The Inland Revenue Division (IRD) in the ministry of Finance has sent out notice reminding individuals of the deadline to file Personal Income Tax Returns for the month of March.
The IRD is urging all taxpayers to file their returns on time to avoid penalties.
Employees are reminded that the current Income Tax law, not only mandates persons earning in excess of three thousand dollars per month or thirty-six thousand dollars per year to pay Income Tax.
The release also reminds these tax payers that their income Tax Return must be filed each year.
Sole Traders, partners, companies, other organizations, and employed persons are being urged to prepare and file Return.
Tax Returns must be submitted to the Inland Revenue Division on or before March 30, 2020.
This year the Individual Income Tax Return has been simplified for salaried workers and the Profit and Loss Statement has been reintroduced for individuals with businesses.
Individuals with businesses must either fill out the Profit and Loss Statement section provided on the form or attach a physical statement to the Return.
The return would not be accepted without the Financial Statement attached.
Taxpayers who do not meet the deadline of March 30th, 2020, will be required to pay late filing penalties of: five percent on amount of the tax owing.
A further one percent of the amount owing for each month or part month once failure to file continues or five hundred dollars plus a further one hundred dollars for each month or part month whichever is greater.
