Business

Value-added tax filing date of April 21 remains in effect

The Department of Inland Revenue (DIR) announced yesterday to the businesses community that the value-added tax (VAT) filing date of April 21 remains in effect, as does the penalties associated with late filings.

DIR, in a statement, explained that it continues to operate its core functions during the emergency order measures and directed businesses affected by those orders to file an estimate of their turnover for the filing period and submit amendments later, so as to not miss the filing date.

“Although some businesses do not have access to all their latest records at home, due the COVID-19-related closures, they are able to file VAT returns based on an estimate of turnover for the period and submit amendments later,” DIR’s statement pointed out.

“While there will be no penalty for businesses that submit amendments for filings during the emergency order period, the penalties associated with late filings are still in place.

“During the shutdown, DIR continues to operate all its core functions online, including processing new business license applications, real property tax filings, business license renewals and the establishment of payment plans for existing businesses.”

According to the statement, DIR is also operating a drop-off and pick-up service at its Carmichael Road office and the Office of the Prime Minister in Freeport “during regular business hours for individuals submitting documents for VAT stamping and to apply for first home exemptions”.

DIR also announced in the statement that those businesses interested in applying for the tax deferral and tax exemption program are now able to find the applications online.

“The program provides large employers with a minimum annual turnover of $3 million to access payroll support to limit the need for further layoffs,” the statement noted.

“These companies must have at least 25 employees. With this tax relief, businesses will be able withhold VAT due or outstanding business license between April and June to assist in meeting payroll expenses.”

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