BUSINESSSES & RICH FOLK TOLD TO COUGH OR ELSE ? CORPORATION TAX RETURNS DUE

The Inland Revenue Department has reminded corporations with fiscal period ending October 1, to December 31, 2007, inclusive, that a Corporation Tax Return is required from every company which carried on a business, trade, manufacture or concern in the nature of trade in Barbados during the income year 2007. This also applies to companies which own land or property, other than land, from which assessable income was derived.

Every company required to file a return of its assessable income should set out the deductions from that income that it wishes to claim, calculate its taxable income and estimate the amount of tax payable.

Corporations which fail to file the return by June 15, 2008, or to estimate the tax payable, will incur a penalty of $100, together with an additional penalty of five percent of the tax which was assessed and unpaid.

Draft accounts will not be accepted by the Inland Revenue Department.

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