Due Date(s)

Returns and Final Payments with respect to the income tax for each year are due on March 15 the following year. Estimated Return and First Quarter payments for each year are due on March 15 the same year. Taxpayers are required to file their returns and make payments promptly.

Penalty & Interest

The penalties for the infringement of the Income Tax Act are as follows:

OFFENCE	PENALTY
Failure to certify information re connected persons or willfully giving a false certificate.	Fine of $20,000.00 or term of twelve (12) months.
Failure to pay over tax deducted at source.	Fine not exceeding $1M, or treble unpaid tax, or term not exceeding twelve(12) months in default of payment.
Failure (of persons) to deliver lists by persons in receipt of taxable income belonging to others.	Fine not exceeding $1M or term not exceeding twelve (12) months.
Failure to deliver Declaration of Income tax by 15th march, and failure to comply within 30 days after service of notice by Commissioner.	Penalty of not more than $10000.00 determined by the Commissioner and further penalty of $1000.00 daily for each day default continues.
Failure to file returns.	Fine not exceeding $*10,000*.00 or terms not exceeding twelve (12) months.
Failure to give notice of income in excess of tax free allowance ($441,168.00).	Treble the tax which he ought to be charged plus penalty of $5,000.00.
Failure to file return of trades carried on by two or more persons jointly	Fine not exceeding $10,000.00 or term not exceeding twelve (12) months.
Failure of person to comply with notice to file returns served on him by Commissioner.	Fine not exceeding $10,000.00 or term not exceeding twelve (12) months.
Knowingly and willfully aids and abets, incites another person to make or deliver a false or fraudulent account, statement or declaration of or concerning any profits.	Fine not exceeding $100,000.00 or term not exceeding 2 years.
Refusing or neglecting to give evidence in pursuance of a notice served on him to produce books or documents.	Fine not exceeding $10,000.00 or term not exceeding twelve (12) months.
A responsible Officer failing to notify Collector within fifteen (15) days after end of month of outstanding balances of income tax payable pursuant to the Regulations.	Fine not exceeding $10000.00 or term not exceeding six (6) months and $2,000.00 daily for continuing offence after conviction.
Knowingly making false statements or false representations in any return statement or declaration	Fine not exceeding $100,000.00 and treble tax which he ought to be charged or term not exceeding five (5) years.
Person by himself, or by any person in his employ, obstructs molest or hinders an Income Tax Officer in the execution of his duty	Fine not exceeding $10,000.00 or treble tax which he ought to be charged or term not exceeding five (5) years
Failure to maintain proper books and records	$10,000 or term not exceeding 12 months
Failure to notify the Commissioner of transfer of machinery before three (3) years, which is subject of the grant of a special Capital Allowance.	Fine not exceeding $10,000.00 plus three time the amount of special capital allowance.
Transfer outside of the Island of the residence of a business or a Company located in the island without the permission of the Minister of Finance.	Fine not exceeding $40,000.00 or term of imprisonment not exceeding two years, or both.
Failure to pay over tax deducted at source.	Employers are liable to an increase of tax (penalty) of 50% per annum on all outstanding PAYE deductions and or Fine not exceeding $1M or treble unpaid tax whichever is the greater or a term not exceeding twelve months in default of payment.

Calculate Interest

Late interest is determined as Tax multiplied by 40% multiplied by the number of days outstanding divided by 365. (Tax x 40/100 x number of days/365)

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