From income year 2018 onward, employed individuals who earn less than $25,000 per annum enjoy the benefit of a RTC grant of BDS $1300. It must be filed within two (2) years. For example, a 2020 RTC must be filed by December 31, 2022.
Who qualifies for RTC?
An Individual who:
- a) is resident in Barbados and,
- b) earns $25 000 or less annually but not more than $2,083.33 monthly;
- c) worked for at least four months during the income year and earned aminimumof $1,000 per month, or $250 per week.
NB: The following are not entitled to the Reverse Tax Credit:
- a) directors,
- b) self-employed persons and,
- c) persons in receipt of income from goods and services.
What do you need to file a RTC return?
- Valid TAMIS Tax Identification Number (TIN)
- Your username & password
- Your spouse has a valid TAMIS TIN
- It must be filed within two (2) years. For example, a 2019 RTC must be filed by December 31, 2021.
How to file for a RTC return?
Follow these steps or watch a video to guide you through the process of submitting a RTC return:
- Go to https://tamis.bra.gov.bb
- Log in with your username (e.g. janedoe2) and password (e.g. tamis$19)
- Click Returnthen Add return. For Tax Type choose Reverse Tax Credit and choose the income year for which you are filing, (e.g. “2018” for a return being filed in 2019).
- Click Create Returnand then Start
- Select your Occupation, Marital Status, enter Spouse’s TIN(if applicable) and answer all relevant questions.
- Ensure the figures for your Income from Employmentand National Insurance Benefits are correct. Note: If information is not correct, please Cancel the return and contact your employer/s.
- Refund Claimedshows the total amount of the tax refund you are claiming.
- Click Yesto receiving your refund as a direct deposit, enter your Bank/Credit Union, Branch and Account Number.
- Click Nextand then on the Supporting Documents page click Next.
- Reviewyour return summary to ensure the information is correct. Check the Declaration Box and click Submit.
The Confirmation page shows the Reverse Tax Credit claim amount for the year your filed.