Corporation Tax Returns Deferred to June 2018
The Barbados Revenue Authority (BRA) is advising businesses in Barbados that their 2017 Corporation Tax returns which are usually due March 15, 2018 are now required to be filed on June 15, 2018.
Erica Lazare, BRA Communications Officer explained that this filing deadline has been deferred to June 15, 2018 to facilitate the BRA’s preparations in implementing a new integrated electronic tax system, known as the Tax Administration Management Information System (TAMIS) and reminded those taxpayers that related payments due on March 15, 2018 are still required to be paid by March 15, 2018.
“Given the fact that there are two Corporation Tax filing dates each year, this decision was taken to ensure that we do not encounter a situation where we have some 2017 Corporation Tax returns filed in the Electronic Tax Administration system (ETAX) and others in TAMIS.”
“However, I must stress that those companies with fiscal periods ending between January 1 and September 30, 2017 whose Corporation Tax liability is due by March 15, 2018, as well as companies with fiscal periods ending October 1 and December 31, 2017, are required to pay the relevant amounts and second prepayments, respectively, on or before March 15, 2018.
Ms. Lazare also revealed that TAMIS will be introduced in two Phases.
“For Phase 1, businesses will begin to register and file from June 2018 and in Phase 2, individuals will be registering from September 2018, with their filing set to commence in February 2019.”
She added that taxpayers can expect significant enhancements to their taxpayer experience with the introduction of TAMIS.
“TAMIS is expected to assist us in improving the delivery of taxpayer services. Key features include a single platform for all taxes currently filed online, electronic notifications, simpler tax forms and the availability of online payments.”
“Based on feedback during stakeholder engagement sessions, we know that filing and paying taxes has been a challenging experience for some persons and thus, our aim is to become more customer-centric organisation.”
Taxpayers are asked to note that Corporation Tax payments may be made by cash or cheque.