St. George's, Grenada, 8th January, 2020: Taxpayers are reminded that the filing period for Personal Income Tax (PIT) has commenced for the 2019 tax period.
Taxpayers whose financial year ended on 31st December 2019 including salaried workers, who earn ($3,000) three thousand dollars and over monthly or ($36,000) thirty six thousand dollars and over annually, are encouraged to file on or before the due date March 30th, 2020.
Failure to do so will result in a late filing fee of $500 or 5% whichever is greater plus a monthly interest of $100 or 1% whichever is greater once failure to file continues.
Additional, a new form was crafted to simplify the process of completing the PIT return.
The current income Tax rates are 10% and 28%.
It is important to file taxes for the following reasons;
> Claim adjustment against past losses
> Useful in event of revised returns
> Avoidance of late filing penalties
> Process refunds
To reconcile the amount paid on your behalf from your employer with your declaration.
Forms have been dropped off at the Grenada Postal Corporation for distribution to post offices around the island including Carriacou and Petite Martinique.
Taxpayers are advised to check the post office for their returns. Forms can also be accessed from the Inland Revenue Division’s website www.ird.gd under the option ‘Form Downloads’.
Inland Revenue Division, Striving for Greater Taxpayer Compliance.
Inland Revenue Division
Ministry of Finance