BRA Launches Phase 1 of New Tax System
BRA Launches Phase 1 of New Tax System
The level of tax administration is set to significantly improve the operations of the Barbados Revenue Authority (BRA) as well as the ease of doing business in Barbados with the aid of a new integrated tax administration system on the horizon.
This revelation was made to over one hundred and twenty representatives from the Barbadian business community, including various associations, corporations and stakeholder Government entities, during the BRA’s official launch of Phase 1 of its Tax Administration Management Information System (TAMIS) at the Lloyd Erskine Sandiford Centre on February 16, 2018.
TAMIS project team member, Erica Lazare, explained that the roll-out of TAMIS, will be done in two phases: the first phase for the business sector only, while the second phase will see individuals coming onto the system.
“We will be implementing TAMIS in two phases. For Phase 1, we will have corporations as well as sole traders who are registered for Value Added Tax, begin filing returns and making payments in TAMIS from June, 2018.”
“The taxes which will be administered in Phase 1 are: Corporate Income Tax; PAYE; Withholding Tax; Premium Tax; Tax on Bank Assets; Value Added Tax; National Social Responsibility Levy and Excise Tax on beer, spirits, tobacco and sweetened beverages,” she stated.
“We will then have individuals come onto this new system in Phase 2, where they will begin filing and making any relevant payments for Personal Income Tax from February 2019,” she further explained.
Ms. Lazare also emphasised that all businesses and individuals currently registered in the existing online tax systems (ETAX and VETAS) as well as new taxpayers will be required to register in TAMIS. She added that registration for businesses begins in June, 2018 and registration for individuals is set to start in October 2018.
Margaret Sivers, Revenue Commissioner for the Authority, shared why an integrated tax system is critical for modern tax administration efforts.
“New technologies are necessary if one wants to be proficient and efficient in collecting taxes in the 21st century in an environment where we face various compliance challenges and expectations from taxpayers continue to rise,” she said.
“In this respect, we have forged ahead in developing an integrated tax system that allows for more flexibility and accuracy. I am quietly confident that this new system will give us the required platform to complete our objectives.”