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	Do you already have an Internet account with us? Sign in now for access to Online Services. Username: Password: Forgot your password? Internet accounts are provided free of charge to all taxpayers. If you don't have a UserName and Password, you may select this link to Establish a New Account.   About services About tax types About tax due dates About licences About forms About publications Find a Collectorate Tax Types Dictionary of Tax Terms Pay Customs Duties Online Trade Facilitation				Due Dates - Penalties & Interests Paying taxes is an obligation we all share. You may use the information below to learn about your tax due dates, consequences for non-compliance and how to calculate interest. Statutory Taxes HEART Fund contributions National Insurance (NIS) Income Tax Education Tax Property Taxes Property Tax       Other Taxes General Consumption Tax (GCT) Special Consumption (SCT)   Betting, Gaming & Lottery Taxes BGL Fees, Taxes, Duties & Levies             Explanation Due Dates - Penalties & Interests - Full List HEART Fund Contributions Due Date(s) The amount of net contribution payable for a month must be submitted to the Collectorate by the 14th day of the following month. Penalty & Interest Penalty for non-payment before a Resident Magistrate ranges from $500.00 to $5000.00. Interest at the rate of twenty (20) percent per annum and shall be recoverable as debts due to the Trust.   Calculate Interest Tax multiplied by 20% multiplied by the number of days outstanding divided by 365. (Tax x 20/100 x number of days/365) back to top     National Insurance Scheme (NIS) Contributions Due Date(s) The employer is required to make a monthly remittance of all contribution to the Collectorate by the 14th day of the following month on a remittance card. At the end of each calendar year, the employer prepares and submits Annual Return of all the deduction cards, and remittance card used during the year to the National Insurance Local Office. Stamp cards for self-employed persons are due on the last stamp date as mentioned on the card. (Stamp cards are issued each year with specific dates starting on the first Monday of April each year and ends on the last Monday of March in the following year).   Penalty & Interest Penalty is charged at 20% per annum.   Calculate Interest There is no interest. back to top     Income Tax Due Date(s) PAYE: The amount of net contribution payable for a month must be submitted to the Collectorate by the 14th day of the following month. Employer's Annual Returns for each year are due on January 14 the following year. Companies & Self Employed: Returns and Final Payments 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 should file their returns and make payments promptly.   Penalty & Interest Failure to certify information re connected persons or willfully giving a false certificate.  Fine of $1,000 or term of twelve (12) months Failure to pay over tax deducted at source.  Fine not exceeding $5,000 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 $5,000 or term not exceeding twelve (12) months.  Failure to deliver declaration of estimated income tax by 15th March, and failure to comply within 30 days after service of notice by Commissioner.  Penalty of not more than $200 determined by the Commissioner and further penalty of $20 daily for each day default continues.  Failure to file returns  Fine not exceeding $5,000 or term not exceeding twelve (12) months.  Failure to give notice of income in excess of $35,568.  Treble the tax, which he ought to be charged, plus penalty of $40.  Failure to file return of trades carried on by two or more persons jointly.  Fine not exceeding $5,000 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 $5,000 or term not exceeding twelve (12) months.  Knowingly and wilfully 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 $1,000 or term not exceeding twelve (12) months.  Refusing or neglecting to give evidence in pursuance of a notice served on him. To produce books or documents.  Fine not exceeding $5,000 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 $1,000 or term not exceeding six (6) months and $500 daily for continuing offence after conviction.  Knowingly making false statement or false representation in any return statement or declaration.  Fine not exceeding $10,000 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 molests or hinders an Income Tax Officer in the execution of his duty.  Fine not exceeding $10,000 or 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 molests or hinders an Income Tax Officer in the execution of his duty.  Fine not exceeding $10,000 or treble tax which he ought to be charged or term not exceeding five (5) years. Failure to maintain proper books and records.  $5,000 or term not exceeding 12 months.  Failure to notify the commissioner of transfer of machinery before 3 years, which is subject of the grant of a special capital allowance.  Fine not exceeding $5,000  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 $20,000 or term of imprisonment not exceeding two years or both. Person by himself or by any in his employ obstructs, molests or hinders an Income Tax Officer in the execution of his duty.  Fine not exceeding $5,000 or term not exceeding twelve (12) months.  Failure to pay over PAYE tax deducted.  Employers are liable to an increase of tax (penalty) of 50% per annum on all outstanding PAYE deductions.    Calculate Interest Companies & Self Employed Tax multiplied by 40% multiplied by the number of days outstanding divided by 365. (Tax  x 40/100 x number of days/365) PAYE (Tax plus Penalty) multiplied by 40% multiplied by the number of days outstanding divided by 365. [(Tax + Penalty) x 40/100 x number of days/365] back to top     Education Tax Due Date(s) The amount of net contribution payable for a month must be submitted to the Collectorate by the 14th day of the following month.   Penalty & Interest An employer shall be liable on summary conviction in a Resident Magistrate’s Court for failure to pay any Education tax outstanding and in addition a fine. Employers are liable to pay interest of 40% per annum on all outstanding Education tax deductions.    Calculate Interest Tax multiplied by 40% multiplied by the number of days outstanding divided by 365. (Tax  x 40/100 x number of days/365) back to top     General Consumption Tax (GCT) & Special consumption Tax (SCT) Due Date(s) Returns and payments are due on or before the last day of the month following the return period.   Penalty & Interest Penalty  -  The sanctions applicable for late filing and payment of GCT for taxable periods commencing April 1, 1995 are as follows: A penalty for LATE FILING OF RETURNS  -  $1,000 (in the case of individuals) and $2,000 (in the case of bodies corporate) - or 15% of the tax which is due and payable, whichever is greater. Penalty for the LATE PAYMENT OF TAX - 15% of the tax unpaid Surcharge – In addition to the penalties, a Registered Taxpayer who does not make a return or pay tax on the prescribed date for two (2) or more taxable periods within a twelve (12) month period shall be liable to a surcharge of 10% of the tax payable in respect of the third and each subsequent taxable period for which the return is not made or the tax not paid. Interest - Furthermore, interest at 2 ½% per month or part thereof will apply to the total amount of tax, penalty and surcharge from the date on which the amounts are due until the date of payment.   Calculate Interest Outstanding balance (inclusive of interest, penalty & surcharge) multiplied by 2.5% until fully paid back to top     Betting, Gaming & Lottery Due Date(s) Bookmakers and operators are required to make returns of bets and levies, pool betting duty and bet winnings tax within fourteen (14) days of each racing event, to the Commissioner of Inland Revenue. An annual levy of $10,000.00 per machine is payable to the Collector of Taxes on the 1st of April each year. Licensed lottery promoters are required to make returns of sales and winnings within seven (7) days.   Penalty & Interest It is an offence to act as a bookmaker without having a valid bookmakers permit.  The offender may be fined up to $25,000.00 in a Resident Magistrate’s Court and in default of payment may be imprisoned for a period of up to eighteen (18) months. Penalties for late payment are 30% of the amount payable. A licensed lottery promoter who fails to pay lottery tax or lottery contributions in accordance with the Act shall be liable to a penalties equal to 30% of the amount of the tax and contributions which should have been paid and Interest of 30% of the penalty calculated.   Calculate Interest Penalty multiplied by 30%  back to top     Property Tax Due Date(s) Property Tax is due and payable on the 1st day of April in each year.  There are provisions in the Act that allows for payment in two or four equal installments.  These become due April 1 and October 1 and April 1, July 1, October 1 and January 1 of the following year respectively. Penalty & Interests Penalty of ten percent (10%) is payable if tax is not paid within the month of April.  Interest of fifteen (15%) is charged per annum on overdue tax  - that is if the tax remains unpaid for a period of thirty (30) days after the collection date.  Interest is charged per annum until taxes are paid in full.   Calculate Interest Tax multiplied by 15% multiplied by the number of days outstanding divided by 365. (Tax  x 15/100 x number of days/365)     back to top

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