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Minister in the Ministry of Finance Ryan Straughn gave the media an update on National Insurance payments and other pressing issues during a press conference using Zoom technology yesterday.

Straughn: file early

With the income tax filing season set to begin on Wednesday, April 1, Barbadians, in particular those eligible for the Reverse Tax Credit and the Compensatory Income Credit, are being urged to file as soon as the system becomes available.

The advice is coming from Minister in the Ministry of Finance, Ryan Straughn. In an online media conference yesterday morning, he indicated that in the circumstances where persons’ finances may be affected because of the efforts being made to contain the spread of COVID-19 in this country, those individuals who qualify could benefit from the additional money provided by those tax breaks.

Barbados is currently in Stage 3 of the National Pandemic Preparedness Plan, which as of Saturday has instituted a 8 p.m to 6 a.m. curfew and has mandated that all businesses, except those classified as essential services and select businesses including supermarkets and pharmacies, be closed.

In last year’s Budget it was announced that some 7 000 persons were added to those eligible for the $1 300 Reverse Tax Credit, and that those who earn above $25 000 but below $35 000 per year would benefit from a Compensatory Income Credit. This means that while they would pay income tax, they would be credited that money when they file their returns.

“We want to be in a position to have the Revenue Authority process as quickly as possible those persons who would benefit from the Reverse Tax Credit, and also process as quickly as possible those persons that would benefit from the Compensatory Income Credit... We want to be in a position to process those returns as quickly as possible, and as soon as possible thereafter have the specific monies disseminated to people,” he said.

Straughn added, “For anybody last year who would have fallen into that category and find themselves now unemployed because of the impact of COVID-19, we want to ensure that we accelerate the processing of those tax returns... in order to further give those persons who would be clearly most affected right now, an opportunity to get some additional monies as quickly as possible.”

Speaking more to the filing of income tax returns in general, Straughn said returns will continue to be done online, but noted that in the two weeks that constitute the curfew and reduced hours of operations, the Barbados Revenue Authority (BRA) will not be conducting physical tax clinics as they normally would.

“Therefore as we would assess the process going forward, we would give provision for extensions. Obviously the longer that this thing goes on there would be no fines as it relates to filings,” Minister Straughn stated.

His comments came as he gave the assurance that there will also be no penalties or fines at this time for the late payment of 2019/2020 Land Tax, which is due tomorrow, Tuesday March 31. To that end, he said there is no need for persons to rush down to the offices of the BRA tomorrow to pay that tax. But, he added that those who wish to settle those taxes are encouraged to make those payments online or through the drop box if paying by cheque.
(JRT)

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