ST. GEORGE’S, GRENADA Friday, March 01, 2013: The Inland Revenue Division (IRD) of the Ministry of has observed a rise in the request for extensions to file tax returns. The IRD wishes to advise all businesses on the following, with respect to the filing of Annual Returns for Income Tax and Annual Stamp Tax:
1. Businesses should endeavour to put the necessary structure(s) in place to comply with the law to have the annual returns filed no later than 90 days after the end of the fiscal year of the business (Section 65 of the Income Tax Act as amended)
2. Businesses requesting an extension to file MUST submit the application for extension before the due date for filing the return.
3. A reason(s) for the extension must be stated in the application.
Please note that an approval will not be granted if the request is submitted after the due date or without proper justification, save for exceptional circumstances.
Please be advised accordingly.