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| Barbados Extends VAT Amnesty |
by Amanda Banks, Tax-News.com, London
Monday, January 17, 2011
Barbados Minister of Finance, Chris Sinckler has announced an extension
to the island’s Waiver of Interest and Penalties Programme (WIPP), until
November 30, 2011.
The programme is being extended following inclusion in the Budget, presented
late in 2010. The programme enables taxpaying entities with unpaid value-added tax (VAT) balances in previous
years to avail themselves of the chance to settle their arrears with the penalties
and interest applicable halved. The authorities are allowing payment to be made
under plans of up to five years in duration, depending on individual circumstances.
The scheme is being offered under the following conditions:
- The principal and the remaining balance of interest and penalty must be
paid within the time stipulated in the agreement;
- All outstanding VAT returns must be filed so that the balance outstanding
can be determined;
- All returns filed after December 1, 2010, must be accurate; and,
- All future obligations under the VAT Act, Cap. 87 must be met as they become
due.
Detailing further conditions of the scheme, the government said:
“Registrants must state their value-added tax registration number should
they make an inquiry, and they are reminded that any agreement entered into
will be terminated if the terms and conditions of the said agreement are not
honored.”
Concluding, the government’s statement added: “In addition, taxpayers are reminded that within 21 days after the end
of each taxable period, they must file with the Comptroller an accurate return
for the taxable period, whether or not a taxable supply is made.”
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