SVG Business Company To File Annual Tax Return

Key points of the obligations for SVG BCs

Which BCs are subject to this obligation?

All Business Companies in SVG are required to submit Annual Tax Return.

• For BCs in SVG that generate income directly or indirectly from local sources: submit Tax return + Financial Accounts
• For BCs in SVG that do not generate income directly or indirectly from local sources: submit “NIL” Tax return

Deadline for filing

The submission deadline falls on or before the end of the third month after the assessment year. A company’s assessment year aligns with its financial year, or alternatively, a calendar year.

For instance, if ABC Co. Ltd.’s financial year concludes on the 31st of March, its returns must be filed by the 30th of June in that year.

What does this mean for businesses?

Businesses are reminded that the deadline for tax return submission for the assessment year 2023 (January 1, 2023 to December 31, 2023) is March 31, 2024. With time running short, businesses must commence preparations for this obligation promptly.

Failure to meet the deadline or comply with the filing requirement may lead to penalties of XCD20.00 (about USD 7.40) per month or part thereof until the income return is filed.

If you are a Business Company falling within the scope, please reach out to our support team via service@bbcincorp.com as soon as possible for assistance with the filing procedure.