BusinessLocalNewsPolitics

Government Could Waive Penalties for Businesses Initiating Payment Arrangements

by: - May 22, 2020
128 Views   no discussions

Government says it will consider waiving penalties for businesses which have not yet filed taxes if they make arrangements for payment.

In February this year, the Hon Finance Minister and Prime Minister, Roosevelt Skerrit announced that corporate citizens owed close to two hundred million dollars in taxes to the state.

That includes professional license fees and Pay As You Earn (PAYE) deductions.

Taxes owed to the state amounted EC $257,921,653.74 and as of December 31st 2019, corporate tax owed was EC$77,184,711.85.

Personal income tax outstanding was $66,279 142.99, PAYE deductions unremitted to Government was $15,147,663.59, professional license fees owed totalled $2,720,313.15 and VAT unpaid was $73,936,294.99.

The sum was due by Ash Wednesday, three months ago.

On Saturday evening announcing a package of fiscal measures to support the local economy, Hon Skerrit said government would consider arrangements of the businesses showed interest in settling their debts.

“We extended the deadline for the filling of personal and corporate income tax returns. The payment of income tax was extended by three months for companies with financial year ending January – June 2020,” he said.

“We will also give consideration to waiving penalties for businesses that enter into payment plans within six months of the new payment deadline for amounts due in respect of the same tax periods,” according to the Hon Finance Minister.