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The tax authorities have turned the spotlight on persons participating in investment schemes.
A warning has been issued to individuals participating in schemes that tax is due on interest earned from funds placed on investment.
Director of Public Relations at the Tax Administration Services Department, Meris Haughton, says this is required under the Income Tax Act.
"The notice put out by the Tax Administration on the weekend is in respect of persons who receive annual sums, which include interest and any such income is subject to tax and persons who are in receipt of such income are recquired to file a return by March 15. We are just encouraging persons to make good on that and to file their returns as they become due on March 15," said Ms. Haughton.
Persons who fail to comply will be liable for interest and penalties.
A warning has been issued to individuals participating in schemes that tax is due on interest earned from funds placed on investment.
Director of Public Relations at the Tax Administration Services Department, Meris Haughton, says this is required under the Income Tax Act.
"The notice put out by the Tax Administration on the weekend is in respect of persons who receive annual sums, which include interest and any such income is subject to tax and persons who are in receipt of such income are recquired to file a return by March 15. We are just encouraging persons to make good on that and to file their returns as they become due on March 15," said Ms. Haughton.
Persons who fail to comply will be liable for interest and penalties.