Bridgetown - Dec. 15, 2008 -- In a move designed to offer some assistance to those taxpayers who are in arrears to the VAT Department, Prime Minister David Thompson, who is also Minister of Finance, “has decided to waive 50 per cent of all interest and penalty due to the Comptroller of Custom”.

According to an official of the VAT Office, the Prime Minister took this decision “in light of the current economic situation and the difficulties some businesses might be experiencing”.

To benefit from this measure, she said “both the principal and the remaining balance of the interest and the penalty outstanding must be paid before November 30, 2009.” In addition, “all outstanding VAT returns due before December 1, 2008, must be filed so that the balance that is outstanding can be determined. All returns filed after December 1, 2008, must be accurate, and all future obligations under the VAT Act, Cap. 87, must be met as they become due.”

The official also reminded VAT registrants that, “within 21 days after the end of each taxable period, they must file with the Comptroller of Customs an accurate return for the taxable period, whether or not a taxable supply is made.”

Persons who need more information or elucidation should contact the Value Added Tax Division, Third Floor, Weymouth Corporate Centre, Roebuck Street, St. Michael, or call 467-1100.