ST.JOHN'S Antigua, April 2nd, 2012 -- Effective Monday April 2nd, the Inland Revenue Department will administer the Personal Income Tax Act in full, including the provision to withhold taxes from qualifying benefits and allowances.
In his 2012 Budget Statement, Finance and Economy Minister Hon. Harold Lovell said the Government would take steps to close a legal loophole through which some taxpayers have avoided paying their fair share by classifying disproportionate amounts of their income as allowances and/or benefits.
Consultations with a number of stakeholder groups resulted in a revised PAYE Guide being released on March 16th. The guide defines the benefits and allowances that will be subject to taxation.
IRD officials have attended several meetings with employee groups and business owners to explain how the measure will be administered.
Revenue Reform Manager Everett Christian said these meetings have been instrumental in allaying the fears of salaried workers that they will be unduly affected by the move. He said the primary objective is to close the loophole which has been exploited by those who can structure their emoluments in a manner to avoid paying their fair share of taxes.
Monday April 2nd is also the deadline for individuals, sole proprietors, and partners within a partnership to file their 2011 returns with the Inland Revenue Department. Assistance with the filing process is available from the Taxpayer Services Unit at IRD.
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Antigua News