Inland Revenue Division (IRD) is a division within the Ministry of Finance (MOF). It is responsible for the administration of Inland Revenue laws and the collection of a wide range of taxes and licenses.
IRD’s approach is to promote voluntary registration and self assessment by both individuals and businesses, while using a variety of enforcement tools to identify non-compliance and take action to address mistakes and tax avoidance. IRD provides information and assistance to all clients, in order that they understand their rights, obligations and the processes for registration, filing and payment. This assists in reducing clients’ costs of compliance and promotes voluntary compliance.
Do you know if you file and pay late, penalties and interest will be applied to your tax account?
5% on the amount of tax owing plus 1% for every month failure to file continues
$500 on the amount owing plus $100 for every month failure to file continues
whichever is greater
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