POND ISLAND–Businesses-owners who have outstanding taxes or need more time to pay their current due amount will benefit from a deadline extension or the possibility to create a payment plan with the Receiver’s Office.
Beginning Thursday, business-owners can visit the Receiver’s Office to file requests for payment plans and deadline extension. The extension or payment arrangement will only be granted on request. Each application will be thoroughly evaluated.
Finance Minister Perry Geerlings has issued an instruction to the tax administration in particular, stipulating that extension of payment is limited to four and 18 months (for extreme cases). Payments can be made instalments. If a business is granted a delay of payment, a new date to pay the outstanding taxes in full will be assigned.
The Tax Administration will take into account the time the company filed taxes, financial circumstances, and extent to which there is certainty the business will be able to meet the financial obligation to government if it is granted a payment delay or offered a payment plan.
Under normal circumstances, all businesses should make Turnover Tax payments, in particular, to the Receiver’s Office by the 15th of each month. Businesses receive a penalty for late filing. However, once a request for delayed payment is made and the request is granted, the penalty will be waived.
“This option gives some leeway to those businesses who at this time are still suffering the financial consequences of the hurricanes of 2017. It gives society more time to settle their debts in these difficult times,” said Geerlings.
In spite of the tax relief, Geerlings urges all businesses with normal operation since Hurricane Irma to continue paying their taxes as prescribed by law.
Source: The Daily Herald https://www.thedailyherald.sx/islands/85932-government-offers-extension-to-businesses-for-unpaid-taxes
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