Tuesday, January 23, 2018

Inland Revenue extends deadline

Itís May 1 and if youíve just realised you forgot to file your taxes before the April 30 deadline, donít worry.

The Board of Inland Revenue (BIR) has granted a two-month reprieve to all late filers for final payments on Income Tax, Corporation Tax, Business Levy and Green Fund Levy, as well as tax returns.

Final tax is the balance of tax due on April 30, which is the difference/shortfall between quarterly instalments due and total tax liability.

In a release yesterday, the Inland Revenue Division of the Ministry of Finance said it will be extending the deadline for filing final payments and tax returns from April 30 to June 30.

Payments made after June 30 will, however, face a penalty interest rate of 20 per cent per annum that will be calculated from May 1.

ďThe Ministry recognises there was some industrial action (in March) and that has affected the ability of citizens to file returns on time; we thought they should not be disadvantaged and we so waived that cost and gave additional time to meet requirements,Ē Finance Minister Larry Howai told the Express yesterday.

For those who may also have been accustomed to receiving their income tax forms in the mail, the Ministry has advised that it has stopped posting these forms; instead they are available for download on the BIRís website, www.ird.gov.tt or can be collected at BIR offices.