The Ministry of Finance (MOF) reminds promoters of their obligation to file and pay taxes associated with hosting public entertainment events.
Please be reminded that you are required to file your VAT return by the 20th day of the following month in which the event was held; that is, if an event was held in July 2022, you are required to submit your VAT return to the Inland Revenue Division by 20 August 2022.
Please note that failure to file and pay by the stipulated deadline will result in the following:
- Late filing penalty of $500, plus $100 for every month or part of a month of which failure to file continues, or 5% of tax owing plus 1% for every month or part of a month of which failure to file continues, whichever is greater.
- Late payment penalty of 20% of the amount of tax due.
Please be reminded that ALL revenue streams from the event are subject to VAT, including ticket sales, bar sales, and rental of stalls.
Monitoring of events was temporarily suspended in May of this year. Promoters are kindly asked to note that the policy of monitoring events by the Inland Revenue Department (IRD) will resume with immediate effect.
GIS
