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| IRD Commissioner Sabina Walcott-Denny explained that as a result of the new system, people filing their returns for the income year 2008 will have the option of filing via the internet. | |
BRIDGETOWN, Barbados, April 14, 2008 - Tax payment in Barbados is set to go online.
From next year, people conducting business with the Inland Revenue Department (IRD) will be able to do so from the comfort of their home or office, by using the Department's new Automated Tax Administration System.
IRD Commissioner Sabina Walcott-Denny explained that as a result of the new system, people filing their returns for the income year 2008 will have the option of filing via the internet.
"When individual or corporation tax returns are filed via the internet, no attachments or paper documents will be required. Consequently, third parties, namely employers, financial institutions and other businesses will be required to provide electronically, specific information to the Department," she said.
Among other changes which the Commissioner outlined was that businesses will also now have to obtain the national registration numbers of their customers.
"In many cases, this information may have been obtained from the customer at the time of the transaction, but was not required to be submitted to the IRD. In this new dispensation, the national registration number of the taxpayer will be required for all information submitted to the department," Mrs Walcott-Denny stressed, adding that this will ensure that the system functions effectively and efficiently.
Under the new automated tax administration system, web-based services will also be provided for registration of companies and individuals; applications for tax clearances; requests for routine adjustments, filing of objections, change of address, examination of latest returns filed, and remittance and other forms.
The Commissioner also pointed out that the Inland Revenue Department had consultations with major stakeholders such as the Central Bank, the Institute of Chartered Accountants of Barbados, Barbados Employers Confederation, the Small Business Association and co-operative credit unions in November last year in order to ensure a smooth transition and buy-in by customers to the implementation of the system.
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