NICHOLAS
THE MAY 1 increase in the general consumption tax (GCT) threshold to $1,000,000 will require all registered taxpayers to file their GCT returns monthly beginning August 2005, the Tax Administration Services Department has stated.
Registered taxpayers who currently file bi-monthly returns must therefore change their taxable period to monthly. The changes to the GCT filing period will be effected on a phased basis.
Taxpayers with the bi-monthly taxable period June 1, 2005 to July 31, 2005 are being asked to file their last bi-monthly return by August 31, 2005. Transactions for August 2005 would be captured under the monthly taxable period depicted as August 1, 2005 to August 31, 2005. This return is due by September 30, 2005.
Taxpayers with the bi-monthly taxable period July 1, 2005 to August 31, 2005 are being asked to file their last bi-monthly return by September 30, 2005.
Transactions for September 2005 would be captured under the monthly taxable period depicted as September 1, 2005 to September 30, 2005. This return is due by October 31, 2005.
Registered taxpayers are reminded that they are required to file a GCT return within one month of the taxable period, and account for supplies made or received.
Director-General of Tax Administration, Clive Nicholas, has warned company directors that in the event of tax deductions not being paid over to the Government, the managing director, or another responsible person in the company will be held accountable for the missing deductions.
