Inland Revenue Department Issues Urgent Reminder
The Inland Revenue Department (IRD) has issued an official media release reminding taxpayers and business owners of several critical tax, compliance, and licensing obligations due on March 31.
The department is strongly encouraging all individuals and businesses to complete their filings and payments on time to avoid accumulating penalties and interest, and to prevent unnecessary delays.
Here is a detailed breakdown of the impending deadlines:
Personal and Corporate Income Tax
- Employees: All employed individuals must file their 2025 Personal Income Tax Returns online by the deadline, exclusively using the eTax portal.
- Sole Traders and Self-Employed Professionals: Unlike employees, self-employed individuals must complete a manual Income Tax Return form. These forms, accompanied by supporting financial documents such as Profit and Loss Statements, must be physically dropped off at the Customer Service Desk at the IRD’s Kingstown office.
- Corporate Entities: Businesses that concluded their financial year on December 31 are required to submit their Corporate Income Tax Returns, which must also be dropped off at the Kingstown Customer Service Desk.
Estimated Taxes and Economic Substance
- Estimated Tax: The first installment payment of Estimated Tax is due for all unincorporated businesses, self-employed professionals, and companies whose financial year ends in March, June, September, or December.
- Economic Substance Returns: Companies with a financial year ending on November 30 are required to submit their Economic Substance Returns by March 31. The IRD notes that these specific returns can be submitted electronically via email to [email protected].
The March 31 deadline extends beyond traditional taxes to include essential commercial and personal licenses:
- Liquor Licences: Any business operating with a Liquor Licence must complete its renewal by the end of the month to remain legally compliant.
- Motor Vehicle Licences: Motorists whose vehicle registration numbers end in the digit “3”, as well as those in their second half-year with registrations ending in “9”, must renew their Motor Vehicle Licences.
To avoid long lines and congestion at the department, the IRD is urging the public to submit all required filings and payments as early as possible.
Taxpayers requiring assistance are welcome to visit the main office on Grenville Street in Kingstown. The IRD has also set up extensive customer support networks, including a dedicated call center and several specialized WhatsApp lines tailored for specific needs, such as Customer Support, Taxpayer Registration, and Licensing. Information is also available on the department’s websites at ird.gov.vc and etax.gov.vc.
The IRD concluded its release by thanking taxpayers for their continued cooperation, noting that tax compliance is essential to raising the revenue required to support the nation’s social and economic well-being.