Entities Reminded to File Withholding Tax Reconciliation
(Bridgetown, March 30, 2020) All entities who collect Withholding Tax should ensure they file their 2019 Withholding Tax Reconciliation returns before the upcoming 2019 individual income tax filing season begins.
This from Communications Officer at the Barbados Revenue Authority, Erica Lazare.
“Tax filing season for income year 2019 will start in a few days and we are concerned that some of the companies and organisations who collect Withholding Tax on behalf of the Government, are still yet to file their Withholding Tax Reconciliation returns.”
“The deadline for this third-party information was since February 28. It is important that this is uploaded to TAMIS before tax filing begins in April,” she pleaded.
Lazare is reminding entities that they must have the Tax Identification Numbers of their clients when filing and also shared that the Microsoft Excel template for use when filing in bulk is available on the bra.gov.bb website.
Withholding Tax is collected on royalties, dividends, mutual funds, withdrawn shares, debentures, interest and other similar payments.