St. George’s, Grenada, 10th July, 2020: Taxpayers are informed that the three month suspension of Instalment Payments for Corporation Income Tax (CIT) and Annual Stamp Tax (AST) has ended. Tax liability for the respective taxes resumed from 1st July 2020.
For the purpose of the CIT, the suspended sum shall be payable with the final instalment of any balance of tax upon filing his or her annual tax return within ninety days after the end of the taxpayer’s fiscal period determined in accordance with Section 11 (2) of the Income Tax Act.
As it relates to AST, the stamp tax charged under the Annual Stamp Tax Act in respect of the year 2020 shall be due and payable in nine equal monthly instalments between the months of July in the year 2020 and March of the year 2021.
The suspension which commenced in the month of April was announced by Prime Minister and Minister of Finance Dr Keith Mitchell in an address to the Nation as he outlined the measures government was introducing to cushion the anticipated financial effects of COVID -19 on local businesses.
The COVID Economic Support Secretariat (CESS) was also introduced to provide the necessary financial support to employees of businesses such as the hotels, bus operators and vendors who were directly affected by the global pandemic.