Corporate and individual tax payers could be missing out on refunds, or getting them late, because their bank information is incorrect.
Junior Dottin, senior policy and planning officer at Barbados Revenue Authority (BRA), is urging companies in particular to ensure their bank information, including account numbers, are correct so that they are not impacted by this issue.
He raised the matter last week during the Institute of Chartered Accountants of Barbados’ Annual Tax Update 2026 at the Lloyd Erskine Sandiford Centre.
Dottin told the in-person and online audience about the BRA’s concern that banks were returning refunds made by direct deposit, including those for value added tax (VAT).
“We are still having some issues where we would have paid your VAT [refunds] and sent it to the bank, but the bank sends back the VAT to us [because of] incorrect account number, [and] stuff like that,” he said.
“So, we are really asking you to ensure that your banking information is correct, so that we can speedily pay your refunds. We are moving away from cheques so if the bank then this sends back your payment
for incorrect account [information], then we then have to try to reissue a cheque to post it.
“Then it takes longer for you to get your refund than you ought to. So just go to update details on TAMIS, go to the . . . first link which talks about the email and the banking information, you scroll down until you come to the banking screen and you update your banking information, just ensure that everything is correct.
“Once you select your [bank] branch, you then don’t need to include your branch again as part of your account number,” he noted.
Dottin stressed that “once you’re updating your bank information, you can leave off the transit number and just enter the account number as it is”.
“And it’s vital that you state the branch where your account is being held, and not the branch where you frequent. It is a difference, because in some instances the only thing that separates the account numbers are the transit numbers before, so then your payment can end up at somebody else’s account,” he advised.
“So it’s essential that you state your transit number. I can’t emphasise this enough, and it’s not only just for your businesses, but it’s for you as individuals, when you’re filing your personal income tax returns. So just ensure the information is correct.”
With companies preparing to make their corporate income tax (CIT) returns for the 2025 financial year, Dottin said the CIT return “will be similar to the 2024 [one], we are not making many changes”.
“We will also look back at the 2024 return and we will make amendments where necessary, but those would only be about persons who would be filing going forward,” he stated.
“The change is just two lines we’re going to add to that return to accommodate the economic substance.
“We’re going to provide you with a template to upload to substantiate your status and we’re going to amend the return from 2024 where we see necessary. I know that there were some challenges with that return, so we’re going to look back at that to make sure everything is right.”
Responding to questions during the session, BRA Revenue Commissioner Jason King said that the state agency was working to ensure that the CIT return was available for filing “as soon as possible”.
“We are trying to ensure that there is no need for an extension to the filing period for 2025, so we’re trying to make sure that everything is ready so that the persons have enough time to file by March 15 for the January to September year ends,” he said.
“As recently as late last night, I was on with the developers trying to get the return completed so that we can go live as soon as possible. There is going to be a need to have some testing done to make sure it does what it’s supposed to before we go live, but it’s within reach. There is light at the end of the tunnel and it’s not a train coming.” (SC)
