After you have registered your enterprise at the Inland Revenue Department, you may proceed to begin conducting your business activity. However, as stated before there are tax obligations which must be met. It is important for taxpayers to file and pay their taxes on or before the required due date. Depending on the type of tax for which you are registered you may have to file tax returns monthly, quarterly or annually. For example, VAT returns will have to be submitted monthly; UBT returns are to be submitted quarterly and CIT returns are submitted annually.
The Department will send out remittances to taxpayers by e-mail or through the post. The due dates for submitting returns will be shown on the form. Should you fail to receive a form please contact the Department to have one resent or you can come into the office and have one printed for you. The Department has also begun using E-Services where you have the convenience of filing and paying from any location and at any time.
To avoid paying interest and penalties, it is important to file and pay taxes on time. Interest and penalty charges begin the day after the due date. Interest charges range from 1% to 5% per month, depending on the tax type. Penalty charges are from $ 100.00 per month to 5% of the outstanding tax.