The month of March is the deadline for individuals to file their Personal Income Tax Returns.
Employees are reminded that the current income tax law not only mandates persons earning in excess of $3,000 per month or $36,000 per year to pay income tax, but also requires them to file an Income Tax Return each year.
Sole traders, partners, companies, other organisations, and employed persons are therefore urged to prepare and file their return, submitting it to the Inland Revenue Division on or before 30 March 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 30 March 2020, will be required to pay late filing penalties of 5% of the amount of the tax owing, plus a further 1% of the amount of tax owing for each month or part month once failure to file continues or $500, plus a further $100 for each month or part month once failure to file continues, whichever is greater. The Inland Revenue Division urges all taxpayers to ensure that they file their returns on time to avoid being charged penalties.
For further information, please contact Inland Revenue Division, Ministry of Finance at 435-6945/6, and 435-1905 or email [email protected].
Inland Revenue Division – Striving towards greater taxpayer compliance.
Comptroller
Inland Revenue Division
