Q: I graduated from college with a degree in entrepreneurship from a Nigerian institution. Thanks to my course of study, I have...
The deadline for filing tax returns has been extended from April 30 to June 30. The Inland Revenue Division of the Ministry of Finance, which made the announcement in newspaper advertisement this week, said the Board of Inland Revenue (BIR) has granted a two-month reprieve to all late filers for final payments on income tax, corporation tax, business levy and the Green Fund levy, as well as tax returns.
Payments made after April 30 but before June 30, 2014 will not attract interest. However, payments made after June 30 will attract interest from May 1 at the rate of 20 per cent per annum. The BIR said the final tax is the balance due on April 30—the difference between quarterly installments due and total tax liability. The Ministry of Finance said it has stopped posting tax return forms in the mail. Instead they are available for download on the BIR’s Web site, www.ird.gov.tt, or can be collected at BIR offices.