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| Barbados Alerts Taxpayers To VAT Amnesty |
by Phillip Morton, Investors Offshore.com
Wednesday, October 12, 2011
The Barbados Ministry of Finance has reminded taxpayers with outstanding value-added
tax balances that they can still normalize their tax affairs and gain 100% exemption
from the payment of interest and penalties.
To be eligible for the scheme, taxpayers must declare unpaid amounts and make
a single payment of 80% of the oustanding amount by December 31, 2011.
Additional arrangements can then be made with Barbados's VAT Division
to settle the remaining 20%, the government said.
Generally late payments in Barbados are subject to a fine of 10% of the unpaid amount,
and interest is calculated on a monthly basis.
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