Employment Incentive Programme

The Employment Programme

1. This programme provides tax credits for up to ten (10) employees at levels above the number of  persons employed on a full time basis as at the 30th day of June 2021. These persons must be  persons who   
   a) do not hold the position of, or function in the capacity of president, vice president,  director, manager, or a similar position   
   b) is not the owner of the business; or   
   c) is not an immediate family member of any of the persons in a) or b) above. 
2. Any business desirous of participating in the Programme shall apply online at atlas.revenue.gov.bs  by the 31st day of December 2021.
3. The Employment Programme shall remain in effect until the 30th day of June 2022.
4. Tax credits will be limited to the lower of the basic pay or four hundred dollars ($400) per week  per approved newly engaged employee.
5. Tax credits may be applied to any of a taxpayer’s tax accounts but cannot give rise to a refund of  any such tax where a credit balance results from the tax credit being granted.
6. Taxpayers who are only liable for Value Added Tax and are regularly and habitually generating  Zero Rated supplies may apply any credits arising out of this program to their usual claim for  refunds. 

ELIGIBILITY REQUIREMENTS:

To participate in this programme and be eligible for tax credits a business would be required to: 

1. Make application online at atlas.revenue.gov.bs on or before the close  of business on the 31st Day of December 2021 for tax credits for up to a maximum of  ten (10) additional employees. 
2. Ensure that newly hired employees are engaged on a full time basis. 
3. Ensure that the prescribed online form be signed by the Owner,  President, CEO, CFO or other officer of the business entity. 
4. Be a VAT registrant. 
5. Be in good standing in respect of all taxes payable to the Government in accordance with any  law in force at the time, including but not limited to any 
   a) Business licence fees 
   b) Contributions payable under the National Insurance Act ch 350 
   c) Real Property tax 
   d) Value added tax 

An applicant in good standing must be current with the taxes listed in number five (5) or must have made and be fully compliant with any installment payment arrangement in  place.  

To apply for a tax credit an approved business will be required to: 

1. Provide payroll or other evidence as required by the Controller of the number of non executive staff full time employed as at the 30th day of June 2021. Non-executive staff would  include any person who: 
   a) does not hold the position of, or function in the capacity of president, vice president,  director, manager, or a similar position 
   b) is not the owner of the business; or 
   c) is not an immediate family member of any of the persons in a) or b) above. 
2. Provide relevant banking or other evidence as required by the comptroller of payroll  disbursements. 
3. Provide a list of the engaged employees for whom tax credits are being applied for stating: 
   a) Employee names, 
   b) Employee addresses, 
   c) Employee job titles, 
   d) National Insurance numbers, 
   e) Employment commencement date 
   f) Basic pay rates for a 40-hour week. Basic pay is not to include any bonus, tip,  gratuity or commissions and severance pay 
   g) Any other information relating to proof of engagement that the comptroller might  deem necessary. 
4. Provide details of the nature of the business and the normal hours of operation.
5. Provide evidence as the comptroller deems fit that the engaged persons are employed during regular operating hours and at the regular place of operation of the business. 
6. Apply online for any approved credit no later than the 30th September 2022. 

Processing and posting of approved applications:

1. Applications must be submitted through the portal provided. To access the portal follow  the link: atlas.revenue.gov.bs 
2. Applications submitted by any other method will not be processed. 
3. Applications submitted without all of the required documentation or evidence as  required by the comptroller will be rejected. 
4. Credits will be posted to accounts on before the 21st of the next month approval of application. 
5. The tax credit will be applied to the account with the oldest outstanding balance.
6. Tax payers will be advised by email of any Tax credit granted and processed to their  account.

CLICK HERE TO APPLY  (http://atlas.revenue.gov.bs)