The Barbados Revenue Authority (BRA) is granting both a filing and payment extension to corporate and business taxpayers regarding their June 2018 tax obligations in the BRA’s recently launched, Tax Administration Management Information System (TAMIS).
The extension deadline for these tax returns and related payments is now June 30, 2018 and taxpayers are being urged by the Authority to register in TAMIS to receive their new Tax Identification Numbers (TIN) in order to meet this deadline. The taxes due by June 30 are: Corporation Tax, PAYE, Withholding Tax, Premium Tax, National Social Responsibility Levy, Value Added Tax and Excise Tax.
According to BRA Communications Officer, Erica Lazare, even though the BRA is quite encouraged by the adoption of TAMIS by the public thus far, the extension was granted to accommodate business taxpayers as they become more familiar with utilising the BRA’s new integrated online tax system.
“Phase one of TAMIS was launched on June 1, for the business sector and we understand that it is a new platform for persons and therefore we expected that there would be a learning curve for those who are using it for the first time.”
“Having said that, the Authority moved to mitigate this by training just short of two thousand persons in this sector during May 2018; meeting with stakeholder organisations and also providing aids such as video tutorials and downloadable guides on our website and social media platforms”, she revealed.
Lazare also added that the BRA is quite encouraged with the adoption of TAMIS by the business taxpayers, having completed well over five thousand registrations to date.
“We are quite pleased with the number of corporations, tax agents, employers and business owners that have registered in TAMIS so far and more registrations are coming in every day. This indicates to us that the majority of these taxpayers are not only aware that they are required to utilise this modern system but that the level of voluntary compliance is high”.
TAMIS is being introduced in two Phases. Phase two will see registration for individuals begin later in the year, with filing from February to April 2019. (PR)