Extension of Monthly CIT Prepayments Deadline
(BRIDGETOWN, JANUARY 14, 2025) An extension has been granted until January 31, 2025 for the submission of monthly corporation tax prepayments up to January 2025 for income year 2025. Failure to make prepayments by the due date will result in a penalty of 10 percent or $10 whichever is greater, as well as interest at the rate of 0.5 percent per month.
The Barbados Revenue Authority reminds entities that these prepayments are due in accordance with the relevant provisions of the Income Tax Act. The legislation requires taxpayers to submit monthly prepayments towards their estimated Corporation Tax liability for the income year.
It should be noted that the monthly prepayment obligation does not apply to a company with a gross income of $2,000,0000 or less; and which is registered as an approved small business under the Small Business Development Act, Cap. 318C.
Taxpayers are encouraged to utilize the available electronic platforms to ensure timely submission and payment.
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