$30 Million in PIT Refunds and RTC Payments Approved
Ministry of Finance Approves $30 Million in PIT Refunds and RTC Payments
(Bridgetown, November 11, 2024) The Ministry of Finance, Economic Affairs, and Investment announced that it recently released funds enabling the Barbados Revenue Authority (the Authority) to issue $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.
Minister Straughn praised the Authority’s efforts in maintaining a streamlined process that facilitates the prompt issuance of refunds.
“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. This process reaffirms the government’s ongoing commitment to improve its operations and to deliver efficient service to citizens,” stated Minister Straughn.
“Just under 13 percent of the refund payments processed are being issued via cheque. The cheque payment process has more layers, is a manual process and takes a longer time to process in relation to the disbursement of the payments. So persons will start receiving refund cheques through the post from the latter part of the month.”
Minister Straughn emphasised that the prompt issuance of PIT refunds aligns with the government’s commitment to a robust, citizen-centric service framework.
“The timely execution of these payments reflects our dedication to supporting taxpayers and delivering on our promises to make government services more accessible and responsive. The Barbados Revenue Authority continues to make strides in improving operational efficiency and service delivery,” he added.
