Companies & Self-Employed Reminded of Income Tax Prepayments
(Bridgetown, September 3, 2019) The Barbados Revenue Authority (BRA) wishes to remind corporate and self-employed taxpayers to make the relevant prepayments for Corporate Income Tax and Personal Income Tax respectively.
Corporate taxpayers with fiscal years ending anytime between January 1 and September 30 have a prepayment due date of September 15, 2019, while those with year ends between October 1 and December 31 should make their prepayments by December 15, 2019 as well as an equal amount no later than March 15, 2020. The amount payable is 50 percent of the total tax payable for income year 2018.
Self-employed persons are required to make tax prepayments in three instalments by June 15, 2019 September 15, 2019 and December 15, 2019. The amount due for each instalment is 25 percent of the tax payable for the 2018 income year.
Taxpayers are advised to create their electronic payment advice in TAMIS before making payments. Failure to make prepayments by these due dates will result in a penalty of 10 percent or $10, whichever is greater, as well as interest at the rate of 0.5 percent per month.