THE EDITOR: Accrued interest on late quarterly tax payments is unacceptable. Businesses are struggling to survive during covid19. This oppressive interest for late payment of regular business taxes is ridiculous.
Businesses must pay VAT, Corporation Tax of 30 per cent on profit, Business Levy, Green Fund Levy and payroll expenses. We did not “protest” when certain taxes increased drastically by 200 per cent on sales. Instead, we dipped into our pockets, scraped up the finances and met the increased tax percentage.
Many businesses were deemed non-essential during the covid19 lockdown period. With no income, how are we supposed to pay the taxes? Although late, we found the required amount and made the payment at the Board of Inland Revenue.
I then received a letter stating I am now owing interest as my payment was late. This is unjust. Many businesses were closed when the payment fell due. Even when reopened, working hours were reduced significantly. Businesses literally suffered.
Mr Finance Minister, show mercy on business owners now. With no sales for months, we are struggling to meet our commitment for mandatory taxes. Please waiver the interest on taxes. Akin to the Prime Minister’s request to landlords to show mercy on tenants for late rent payments, we are begging you to have mercy on us with late payments. We cannot afford to pay this additional interest.
Please, Minister Imbert, slacken the noose around taxpayers’ necks. Reduced economic activity has greatly affected businesses. Waive the interest on taxes now.