 |
Who
must file Income Tax
Returns? |
 |
(a)
Every resident individual
who is in receipt
of income of over
$16,400 in any year;
(b) All self-employed
individuals, notwithstanding
the amount of the
income or loss.
Individuals in this
case include taxi
and mini-bus owners
or drivers, doctors,
mechanics, shopkeepers,
vendors, lawyers,
hairdressers, shopowners,
contractors, etc.;
(c) Every corporation,
whether or not a
profit is made;
(d) Corporations
and Individuals
to whom exemption
of Tax has been
granted under the
Fiscal Incentive
Act or otherwise;
(e) Partnerships.
|
| |
|
|
|
If
an individual has
failed to submit Income
Tax Returns for several
years, what is his
or her obligaton in
respect of those missing
years? |
|
|
Any
person liable to furnish
a return of income,
in respect of any
year of income, who
fails, neglects or
refuses to do so is
quilty of an offense
and should seek to
correct this situation
as early as possible.
The Inland Revenue
Department requires
that returns be submitted
for the last six years. |
| |
|
|
|
Should
an income tax return
still be submitted
if, in any year
of income, a small
business or a company
suffers a loss?
|
|
|
Yes.
An income tax return
should be filed by
a small business or
a company whether
or not the net result
is a loss. A finanical
statement including
Income Tax Computation
showing details of
the loss must be attached
to the return and
the actual loss shown
on the return in brackets.
A loss arises when
the allowable business
expenses exceed the
income earned. |
| |
|
| |
What are the requirements for registration? |
|
Individuals
A completed and signed registration form should be submitted along with any of he following forms of identification:
Passport, Drivers Licence, National ID, NIC card.
Self-Employed persons
In addtion to the completed registration form and a valid ID as indicated above, a self-employed individual is required to submit a certification of registration for their business.
Partnership
The registration for the partnership signed a partner must be submitted along with:
- Certificate of registration for the partnership;
- National insurance number for each partner.
Companies
The completed registration form signed by a director or the company secretary must accompany:
- the certificate of incorporation;
- a list of employees with their NIC numbers and the date of employment with the company.
|
| |
|
| |
Where should I register? |
|
Taxpayers may register at any of our locations. |
| |
|
| |
What is a Tax Account Number (TAN)? |
|
A Tax Account number is a unique eight-digit identification number assigned to an individual taxpayer, a business enterprise, a company (partnership) by way of an automated system. A Taxpayer will require this number when transacting business with either of the revenue collecting departments. |
| |
|
| |
Why the TAN? |
|
The Inland Revenue uses a fully computerised tax system called the Standardised Integrated Government Tax Administration System (SIGTAS). SIGTAS is a fully-networked system running on a modern database. The computerization of operations with the department helped improve the tax administration and ultimately provide better services to the public.
Under the TAN system, all taxpayers have a unique identification number which must be used when transacting business with the Inland Revenue Department, as well as the Customs Department.
The TAN will:
- Create and maintain accurate files for taxpayers;
- Eliminate the duplication of information on taxpayers within the department.
|
| |
|
| |
Who needs a TAN? |
|
ALL TAXPAYERS doing business witht the Revenue Departments need a TAN.
Taxpayers (Individuals, Partnerships and Companies) are required to register and receive a TAN by completing the relevant registration forms. |
| |
|
|
|
A
taxpayer discovers
that he has been given
two Tax Account Numbers
(TAN). What must he
do? |
|
|
The
taxpayer should come
in to the Tax Intelligence
of the Inland Revenue
Department with his
St. Lucian identification
card or National Insurance
Card and notify an
officer of the Section.
He will then be told
which is his correct
number and this number
should be the one
used at all times. |
| |
|
|
|
When
a taxpayer changes
his or her name and/or
address, how is Inland
Revenue notified? |
|
|
The
taxpayer should write
or call the Tax Intelligence
of Inland Revenue
Department to notify
the Section of the
change. |
| |
|
|
|
What
are some factors which
delay the normal processing
of a return? |
|
|
The
most frequent ones
are Income Tax Returns
without:
(a) Tax Account
Numbers
(b) Addresses
(c) Signatures
(d) Complete or
correctly filled
information
(e) Certificates
of renumeration
and PAYE deductions
(f) The relevant
supporting documents,
as indicated in
the instructions
accompanying the
Income Tax Return
form
|
| |
|
|
|
I
am self-employed and
was not aware that
I had to submit yearly
returns. On applying
for a letter of exemption
Re: 10% Contract Tax,
I was told that I
had to file my income
tax returns for the
last six (6) years.
Is this correct? |
|
|
It
certainly is. Every
self-employed person,
whether or not he
or she has made a
profit, must file
an income tax return
every year. It should
be noted that self-employed
persons must pay their
taxes yearly, in advance
on a quarterly basis
and the balance of
tax estimated by him
should be paid by
March 31 of the following
year. The dates of
payment are March
25, June 25 and September
25. |
| |
|
|
|
My
business operations
ceased during the
year. Am I still obligated
to file an Income
Tax Return Form? |
|
|
Yes.
Section 73 (b) of
the Income Tax Act
of 1989 requires that
a person who ceases
to carry a business
during any year should
file an Income Tax
Return Form for the
period of time in
which the business
was in operation prior
to its closure. |
| |
|
|
|
I
am leaving St. Lucia
in September to pursue
studies; should an
Income Tax Return
Form be filed for
the period that I
was employed? |
|
|
Yes.
An Income Tax Return
Form should be submitted
to the Department.
However, if income
is being received
while you are away
at school, returns
should be filed by
March 31, of the following
year. |
| |
Top
Home
|
|
|
I
understand that
there is a 5% late
filing penalty but
I am unable to meet
the filing deadline.
What can I do to
avoid this penalty?
|
|
|
You
may apply to the Comptroller
in writing, requesting
an extension of time
stating the reasons
and the required extended
date. It must be noted
however, that an extension
of time must be requested
prior to the due date.
The Department would
appreciate that requests
for extensions be
filed at least one
month in advance of
the due date. |
| |
|
| |
|
