The Inland Revenue Department is making sure that everybody in Barbados, both residents and non-residents, who either ran a business, vocation, trade, manufacture or an undertaking of any kind or an adventure or concern in the nature of trade in Barbados during income year 2007, then they have to file an income tax return by April 30.

Returns must also be filed by individuals who derived an assessable income from ownership of property, a trust or estate; residents in Barbados whose income from employment was in excess of $22,500;
as well as non-residents of Barbados receiving income arising in Barbados. A pensioner, 60 years or over whose assessable income, inclusive of pension, was in excess of $40,000 must also submit a completed income tax form.

Persons filing returns must set out their assessable income, indicate the deductions to be claimed, calculate the taxable income and the amount of tax payable.

Persons who don’t file a return by April 30, or fail to estimate the tax payable will be fined $100; and for failure to pay an amount of tax estimated, five percent of the tax due and unpaid or $10, whichever is the greater, must be paid.

Interest is also payable on any unpaid tax and penalty at the rate of one percent for each month during which any amount of tax and penalty remains unpaid.
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