Sunday, Apr 21, 2019

BRA to clear income tax arrears

BRA to clear income tax arrears
16 Apr

The Barbados Revenue Authority is making a serious effort to clear its backlog of income tax arrears from 2014.

Bra Commissioner, Magaret Sivers, says they have received an injection of funds from the Treasury Department, and as a result they have started to pay the oldest refunds first, so that Barbadians who have been waiting for years can get some relief.

Ms Sivers says once the 2014 returns are completed BRA officials will turn their attention to income years 2015 and 2016.

She acknowledged that last week BRA got what she described as a small injection of funds from the Treasury which amounted to close to five million dollars.

Noting that the BRA is not only about collecting taxes from Barbadians she stressed that the entity is doing all in its power to clear its huge backlog of arrears, paying out millions of dollars due to tax payers.

Ms Sivers says refunds will be issued on a first come, first served basis ,with the oldest refunds being serviced first.

The BRA head says in recent months they have been concentrating on re-paying outstanding VAT and corporation taxes to businesses.

Acknowledging that the BRA is running a tight ship, in a cash strapped economy, she also disclosed that the Treasury has promised another significant injection of funds shortly which once they receive it will be paid to Barbadians waiting on their income tax returns.

Barbadians are owed just under 100 million dollars in income tax refunds by government.

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