Barbados Reminds Of Payment Declaration Deadline
by Mike Godfrey, Lowtax.net, Washington
17 February, 2016
Barbados has highlighted an upcoming reporting deadline for employers, financial institutions, and partnerships who during the 2015 income year paid sums to individuals, and for persons who paid certain services providers.
The obligation covers persons who, for the supply of goods or services, made payments to resident independent contractors including accountants, attorneys, computer programmers, system designers and analysts, air-conditioning and refrigerator technicians, auto mechanics, builders and/or contractors, carpenters, freighters, and custom brokers.
The obligation also applies to any employers who have paid remuneration, including salaries or wages and other benefits to their employees; all financial institutions and other agencies who have made payments to resident persons in respect of interest, dividends, royalties, or after-tax branch profits; and all partnerships, joint ventures, or estates from which divided income was paid to the partners.
In addition, the obligation covers all institutions who during the 2015 income year were in receipt of subscriptions to registered trade unions and those who made payments towards exempt and registered charities.
These taxpayers are required to file the relevant information forms and their corresponding summary statements to the Revenue Commissioner on or before February 29, 2016, the Bahamas Government said.
The Barbados Revenue Authority has said providers are required to use the XML file or web form to do so. These are available from the etax section of the Inland Revenue Department's website.
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