The Collections Section at the Inland Revenue Department is charged with recovering all outstanding taxes owed to the Department by individuals and corporations. It is important to understand this arm of the Department and how one can go about settling any taxes in arrears.
WHAT IS DIRECT TAX?
A direct tax is a tax that is levied on a person or thing. Direct taxes are charged directly against the income or property of the taxpayer and it is based on the taxpayer’s income and or wealth.
The Inland Revenue Department is responsible for administering and collecting direct taxes.
TYPES OF TAXES COLLECTED
- Income Tax:
- Property Tax (Land & House/Building)
- Insurance Premium Tax
- Bank License
- Travel Tax
- Aliens Landholdings License
- Stamp Duty
- Value Added Tax (VAT)
DUTIES OF COLLECTIONS SECTION
The staff of this section is responsible for the collection of the taxes, including penalties and interests, which fall under the jurisdiction of the Inland Revenue Department.
This section is subdivided into:
- Cash Unit
This unit is responsible for receiving and accounting for all payments received.
- Corporation Tax Unit
This unit is responsible for the timely collection of income tax, both current and arrears, from all companies
- Individual Tax Unit
This unit is responsible for the timely collection of income tax, both current and arrears, from all individuals
- Miscellaneous Tax Unit
This unit is responsible for the timely collection of miscellaneous taxes, both current and arrears, from all individuals and enterprises.