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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.
This is according to a statement from the Barbados Revenue Authority.
The statement warns that failure to make prepayments by the due date will result in a penalty of 10% of ten dollars, as well as interest at the rate of 0.5% per month.
BRA also 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 two million dollars or less; and which is registered as an approved small business under the Small Business Development Act, Cap. 318C.
