IRC reminds taxpayers of due dates

The Internal Revenue Commission (IRC) has released a statement for Tax Due Date Reminder to All Taxpayers.

Goods and Services Tax (GST) is a tax on the consumption of goods and services and is charged at 10 percent of the sale price.

IRC states, “Any business with an annual turnover of K250,000 is required to register a GST account under their Tax Identification Number (TIN) with IRC and charge GST. That business is also expected to pay and file on time.

“Any business with a turnover of less than K250,000 can charge GST so long as they open a GST Account with the IRC.”

In addition, “A business that charges GST without registering with IRC, and a business that charges GST but fails to lodge returns and pay on time, can be charged administratively and criminally. Monthly GST returns GSTS65A are due 21st of the following month. Please fill out and pay on time to avoid penalties.”

IRC encourages early Lodgements and payments; however, if the due date falls on a weekend, the Lodgements and Payment fall the next working day. Details on SWT.

Press release