The Barbados Ministry of Finance has reminded taxpayers with outstanding value-added tax balances that they can still normalize their tax affairs and gain 100% exemption from the payment of interest and penalties.
To be eligible for the scheme, taxpayers must declare unpaid amounts and make a single payment of 80% of the oustanding amount by December 31, 2011.
Additional arrangements can then be made with Barbados's VAT Division to settle the remaining 20%, the government said.
Generally late payments in Barbados are subject to a fine of 10% of the unpaid amount, and interest is calculated on a monthly basis.
.Tags: tax | law | offshore | business | value added tax (VAT) | tax compliance | Barbados | compliance | penalties | enforcement | VAT
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