$30 Million in Refunds and RTC Payments
The Ministry of Finance, Economic Affairs, and Investment recently announced the release of funds to the Barbados Revenue Authority to pay $30.4 million in Personal Income Tax (PIT) refunds for income year 2023 to 39,196 taxpayers. Minister in the Ministry of Finance, Ryan Straughn confirmed the announcement.
Payments to begin this week
Minister Straughn said the majority of refund payments for income year 2023 have been issued electronically via direct deposit and eligible taxpayers will start seeing the amounts on the account of their selected financial institution from as early as this week.
He added that just under 13 percent of the refund payments processed are being issued via cheque, which is a manual process and will take a longer time to process, with persons to start receiving refund cheques via the post from late November.
Minister Straughn emphasised that the prompt issuance of PIT refunds aligns with the government’s commitment to a robust, citizen-centric service framework.
