	Filing And Payment Of Corporation Tax
The Corporation Tax return along with accompanying documentation should be mailed or delivered to the Commissioner of Inland Revenue, Treasury Building, Bridgetown.
Companies with fiscal period ending any time during:
1. January 1 and September 30 (both dates inclusive) are required to file the corporation tax return on or before 15th March of the year following. The company shall also pay any part of the tax estimated in its return that is unpaid, by 15th March.
2. October 1 and December 31 (both dates inclusive) are required to file the Corporation Tax Return on or before 15th June of the year following. The Company shall also pay any part of the tax estimated in its return that is unpaid, by 15th June.
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(a)
(1) With effect from Income Year 2003, the tax payable by a company upon its taxable income is 36% of every complete dollars of that taxable income:
(2) With effect from Income Year 2004, the tax payable by a company upon its taxable income is 33% of every dollar of that taxable income
(3) With effect from Income Year 2005, the tax payable by a company upon its taxable income is 30% of every complete dollar of the taxable income
(4) With effect from Income Year 2006, the tax payable by a company upon its taxable income is 25%, of every complete dollar of that taxable income 15% - Approved Small Business 15% - Manufacturing Companies 15% - Constructing of houses with a sale price of under $150,000 inclusive of land.
(b) Life Insurance Companies 5% of gross investment Income
(c) International Business Companies 1% - 2.5%
In addition to Corporation Tax, companies carrying on life insurance business and general insurance business must pay a tax on premium income
(a) Life Insurance Business
Resident and non-resident companies 5% on new businesses
Resident companies 3% on renewal.
Non-resident companies 5% on renewal
(b) General Insurance Business
Resident and non-resident companies 3.75%
Special Tax Rates on Remittances Abroad.
10% on profits remitted by an office, agency or subsidiary of a non-resident company.
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	Additional Information
In the event that the section captioned "Additional Information"of the corporation tax return form is not completed as required, processing of the return will be deferred until the relevant information has been provided. Where the information is not provided by the relevant filing date, penalty and interest will be charged.
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Failure to estimate tax payable -5% of tax assessed.
Failure to pay tax estimated on the relevant date-5% of tax assessed plus an additional $100.
Failure to file a return by the relevant date --5% of tax assessed plus an additional $100.
Tax evaded or sought to be evaded -100% of tax evaded.
Tax and penalty unpaid will attract interest at a rate of 1% per month.
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Please note that application for extensions of the filing of tax returns will only be considered in extenuating circumstances. A "heavy workload" is precluded from such consideration. Persons are therefore encouraged to make adequate preparations for the filing of these returns by the relevant date.
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It is observed that the appropriate corporation tax return forms are sometimes not submitted for the respective years of income. This practice severely hinders the computerized processing of the return. You are therefore asked to ensure the use of the specific form which has been designed for each year of income. All relevant tax return forms are available upon request from the Department.
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Please enter both Corporation Tax Account and File Reference Numbers as assigned by, the Department. If numbers have not been assigned, please contact the Returns Processing Division on the Fourth Floor, of the Treasury Building for relevant information and assistance. Tel: 430-3235
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Please be advised that with effect from Income Year 1999, and every subsequent Income Year, Corporation Tax Returns submitted without the relevant financial statements or with statements in draft, will not be considered as being filed. As a consequence, the Department will not process these returns, and in such cases where the required information is not submitted in the appropriate manner by the relevant filing date; penalty and interest will be charged as applicable for non-filing.

	Prepayment Of Tax
1. Every company whose fiscal period ends at anytime during the period 1st January and 30lh September in any year (both dates inclusive) shall pay to the Commissioner as a prepayment of tax.
An amount equal to 50% of the tax paid or payable on its total taxable income as disclosed in its return filed in accordance with section 53 in respect of the preceding income year not later than the 15th September in that income year.

2. Every company whose fiscal period ends at any time (during the period 1st October and 31st December) in any year (both dates inclusive) shall pay to the commissioner as a prepayment of tax
(a) an amount equal to 50% of the tax paid or payable on its total taxable income as disclosed in its return filed in accordance with Section 52 in respect of the preceding income year not later than the 15th December in the income year, AND
(b) an amount equal to that mentioned at (a) above, not later than the 15th March in the following income year.
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