The Government has introduced legislation to give businesses more time to submit key tax returns, in a move aimed at improving compliance and easing long-standing concerns about filing timelines.
Amendment bills covering the Asset Tax Act, the Specified Bodies Act, and the Income Tax Act were tabled in the House of Representatives on Tuesday as part of the reform effort.
Finance Minister Fayval Williams said companies have for years raised issues about the limited window allowed for filing corporate tax returns. She noted that the current system requires corporate income tax filings to be completed by March 15 following the end of the calendar year.
Under the proposed change, that deadline will be pushed back by one month to April 15. The minister explained that the adjustment is being implemented alongside already scheduled deadline shifts linked to the impact of Hurricane Melissa, while also reflecting recommendations from stakeholders, including the Independent Fiscal Commission.
Williams clarified that the revised deadline will apply only to Corporate Income Tax and Asset Tax filings.
Opposition Spokesman on Finance Julian Robinson indicated that there is no objection to the proposed changes.
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