The Saint Lucia Chamber of Commerce, Industry and Agriculture and the Inland Revenue Department have concluded a seminar on tax documentation compliance for employers and employees.
The seminar covered crucial topics such as the form submission process, required information, employee benefits, and the transition to an online system.
Discussions also addressed contractor management, expense reporting, and maintaining accurate employee and company records.
Participants highlighted the need for streamlined processes to ensure tax compliance and transparency in reporting employee benefits and allowances.
The seminar also identified the need for employers to, among other things, ensure all employees complete and submit their tax forms, submit completed forms to IRD by the specified deadline, provide employees with copies of their completed forms, and maintain a copy of each employee’s tax form for company records.
In addition, employers must accurately report allowances, benefits, and company-provided vehicles on tax forms.
The Chamber of Commerce and IRD expressed a commitment to assisting employers in meeting tax obligations and ensuring smoother tax processes.
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