Barbados Tax Season 2024
Do not wait on the deadline
You are reminded that April 30, 2024 is the deadline for filing of Personal Income Tax and June 15, 2024 is the deadline for filing of Corporation tax for companies whose fiscal year end was December 31, 2023. Remember to update your asset register and depreciation adjustments, complete your monthly bank reconciliations and stock takings and remember to request statements for any liabilities to confirm any loans or credit facilities.
Employers and Other Third-Party Providers Reminded to Upload Tax Information by Deadline
Employees under the tax free threshold of $25,000 per year are to make sure their employers have their Tamis numbers
Every employee must register with the Barbados Revenue Authority (BRA) even if their annual income is less than $25,000 and they pay no tax. If you are under the threshold for income tax meaning that your annual income is greater than $4,000 but less than $25,000 then you are qualified for a reverse tax credit of $1,300 for each year. If you have not filed for previous years, you may still also qualify.
Once your employer has been given your TAMIS number, your employer should filing a PAYE return in TAMIS along with a National Insurance return. Some employers have only been filing National Insurance returns and NOT the PAYE returns because their staff are all under the $25,000 per year threshold and not subject to a PAYE deduction or they are not aware of the requirement to file a PAYE return.
If your employer has not filed a PAYE return in TAMIS for you, then he is preventing you from making a claim for your reverse tax credit of $1,300 per year. If you have not yet registered in TAMIS and obtained a TIN number to give to your employer, then you are preventing yourself from filing for the reverse tax credit and receiving $1,300 for each year.
Be sure to contact us for any further information or assistance.
Robert M. Homer
Managing Director
RMH Financial Consultants Inc
“We value our clients”
Related links :
SBA Reminds Business Owners to Remain Tax Compliant
To get more insight on which taxes apply to your business and to learn more about your business' filing and payment process,
watch the full webinar on the SBA’s Facebook page at www.facebook.com/sbabarbados
