Which Corporate Tax Return to Use?

Tax returns operate on a calendar year spanning from Jan. 1 to Dec. 31 of the given year. Financial statements use the fiscal year indicated by the company. There are no universal dates establishing when a fiscal year begins and ends. It is at the discretion of the company. The rules regulating the reporting of information for the year are unique to each type of financial report. It is suggested that a certified accountant or accounting firm be hired to accurately report your financial statements. The due date for filing corporate tax returns falls upon completion of 3 months after the end of the entity's fiscal year.

Click below to download corporate tax return forms. In order to use the interactive return forms you must:

• 1. right-click and "save link as" to a folder
  2. then go to that folder and open directly from that folder.

• Resident Corporate Tax Return Form (PDF)
• Non-resident Corporate Tax Return Form (PDF)
  
• International Business Co. (IBC) Tax Return Form (PDF)

Compiled Financial Statements

A compiled financial statement provides the financial information of your company, including income, expenses, cash flow, assets and liabilities in the form of Profit & Loss and Income Statements.

A financial statement features an accrual basis of accounting. In most cases, the Generally Accepted Accounting Principles (GAAP) dictate the method of compiling information. However, the Journal of Accountancy reports that certain situations require the reporting of financial statements under the "other comprehensive basis of accounting," (OCBOA). Both methods provide a comprehensive look at the worth of a company, but the OCBOA method usually takes less time and cost to prepare.

Alway's attach the entity's financial statements for the relevant income years to the corporate tax return form when submitting.

Non Taxable and Tax Exempt Entities

Non-Profits

A non-profit organization, also known as a non-business entity, not-for-profit organization, or non-profit institution is an organization traditionally dedicated to progressing on a particular social cause or advocating for a shared viewpoint. Non-profits are charitable or exempt from taxation, meaning they do not pay income tax on the money that they receive for their organization. They can operate in religious, scientific, research, or educational settings.

The key aspects of non-profits are accountability, trustworthiness, honesty, and openness to every person who has invested time, money, and faith into the organization. Non-profits are accountable to its donors, founders, volunteers, program recipients, and the public community.

IBCs

An international business company or international business corporation (IBC) is an offshore company formed under the laws of some jurisdictions as a tax neutral company which is usually limited in terms of the activities it may participate in, but not necessarily from, the jurisdiction in which it is incorporated. While not taxable in the country of incorporation, an IBC or its owners, if resident in a country having "controlled foreign corporation" rules for instance can be taxable in other jurisdictions.
IBCs are not subject to corporate tax in Saint Lucia

Although these entities are not subject to corporate income tax, financial statements and a corporate tax return form must still be submitted annually.

Visit our Business Classifications page for more information

Late Filing

Unless you are given permission by the Comptroller via submitting a request for an Extension of Time, once you have filed or submitted your tax return after the deadline of March 31st, you will be charged a late filing penalty of 5% of the chargeable income calculated on the tax return form.

Penalties & Interest

If upon filing your tax return, you end up liable to the IRD for income tax and you do not pay the tax owed, or you did not comply with all your tax obligations, you will have to pay a 10% payment penalty on the outstanding amount, along with 1.04% interest charges for each month after the deadline (March 31st).

Settling Arrears

If you are unable to pay the amount owed on time it is important to let us know and make alternative payment arrangements. You can come in to discuss your circumstances with one of our Collections Officers. Visit our Arears Settlement page for more information and to request an appointment

Refunds

• Interactive Individual Tax Return Form -  
  Select the form according to income years to be filed:
  
  • 2022 and prior
  • 2023 and onward
  our electronic tax return form (you must print and drop off at IRD offices)
• Record-Keeping for Self Employed Individuals -
  a guide on how to maintain proper business records
• Schedule 8 Form for Self-Employed Individuals -
  for self-employed who cannot produce certified financial statements
• Schedule 7 Form for Rent & Royalty Income -
  for landlords
• Travel Allowance Form -
  for travelling officers claiming travelling allowance (must be signed by Manager, stamped and attached to return form)

Tax Facts & Calculations:

• • 2022 and Prior [View] 
  • 2023 and Beyond [Print] [View] 

Our comprehensive guide on how to fill out your tax return form on your own. Click on the version to the relevant income year.