Inland Revenue changes tax payment system

(ZIZ)– The Inland Revenue Department is changing the filing and payment period for a number of taxes.   Payments that were expected to be made monthly can now be made quarterly.

According to Acting Assistant Comptroller, Gary Thomas, there are seven taxes that can now be paid quarterly.

“We’re going to be moving unincorporated business tax, withholding tax, island enhancement fund, excise tax, insurance premium tax, hotel & restaurant tax, and travel tax. And these seven taxes are going to be moved from filing monthly to being filed quarterly,” he said.

Thomas says the department will do everything they can to make the process of compliance and tax administration simple.

“Tax obligation is serious business and if you’re a business time is money and if you have to allocate staff every month to file multiple taxes, we think that we can enhance the competitive environment, improve the way businesses do things by giving them fewer filing obligations to the Inland Revenue Department,”

The department also recently launched e-filing which allows taxes to be paid online, making them the first in the region to offer this service.