Reminder To All Promoters Of Their Tax Obligations

The content originally appeared on: News Americas Now

Black Immigrant Daily News

The content originally appeared on: The Barnacle News

The Ministry of Finance (MOF) wishes to remind all promoters of their obligation to file and pay the taxes associated with the hosting of public entertainment events.

Please be reminded that you are required to file your VAT return by the 20th day of the following month in which the event was held, that is, if an event was held in February 2023, you are required to submit your VAT return to the Inland Revenue Division by March 20th, 2023.

Please note that failure to file and pay by the stipulated deadline will result in the following:

Late filing penalty of $500.00, plus $100 for every month or part of a month failure to file continues or 5% of tax owing plus 1% for every month or part of a month failure to file continues, whichever is greater.Late payment penalty of 20% of the amount of tax due.

Please be reminded that ALL revenue streams from the event are subject to VAT, including ticket sales, bar sales, rental of stalls etc.

Promoters are kindly asked to note that the policy of monitoring of events by the Inland Revenue Department (IRD) is in effect for all events on the Islands of Grenada, Carriacou and Petite Martinique.