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Corporation Income Tax Prepayment Deadline Approaching

12/10/2019 10:10 AM
Barbados Revenue Authority Press Releases

(BRIDGETOWN, December 10, 2019) Corporate taxpayers are reminded to make their necessary prepayment for Corporation Income Tax by Monday, December 16, 2019.

Corporate taxpayers with fiscal years ending between October 1 and December 31 should make their first prepayment by December 16, 2019. The amount payable is 50 percent of the total tax payable for income year 2018. The second prepayment for this group of corporate taxpayers is March 15, 2020.

Taxpayers are advised to create their Electronic Payment Advice (EPA) in TAMIS, before making payments. Failure to make the prepayment by the due date 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.