INSIGHTS – TAX
Information Update on Refunds from Receiver of Revenue
During the past few weeks our office received numerous queries regarding the status of refunds from the Receiver of Revenue. We herewith wish to inform our clients that, although official correspondence from the Ministry of Finance could not be obtained, we were informed that all refunds are currently on hold with no pending payments to tax payers in the near future.
Information Update on Refunds from Receiver of Revenue
Above mentioned payment delays are due to the implementation of the new Integrated Tax Administration System (ITAS) that was launched in January 2019. According to the Ministry of Finance, they are still busy uploading all past tax returns and, given the delay of assessments on these returns, the processing and payment of refunds are paused until further notice.
Tax payers should familiarize themselves with the new submission procedures, especially when returns have been filed online and approval is still pending. If, and when the Receiver requires an audit of a specific period, an online notification will invite you to arrange a suitable date for an assessment at the Ministry of Finance. Tax payers are welcome to contact our office for assistance with tax audits as we provide various services to support clients with outstanding matters and queries at the Receiver of Revenue.
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