FAQs-Employment Incentive Program

The EIP credit is intended to offset tax liability. Therefore, if the business generates mainly zero rated activity, it means that the VAT returns are generally in a credit position. Given that there would be no tax liability, the EIP credit could not be applied to a VAT tax period as there will be no debt to be offset. But there will be an eventual business licence tax liability or other tax liability arising against which it can be used.

Yes. The EIP credit may be used to offset business licence fees, Value Added Tax or real property tax liability.

No, the newly hired employees are required to be engaged on a full time basis, working a minimum of 40 hours a week.

The application for participation requires the business owner, CEO or CFO to declare that all statements and representations made in the application are true and correct.

If your application is not approved, you will get an email notification stating the reason(s) for such within 7 days of submission. Once the stated reason(s) is/are resolved, you can resubmit your request for consideration.

No. Participants will be required to file their VAT returns in the normal manner. No information with respect to tax credits granted under the EIP needs to be included.

Approved participants must apply for the tax credits under the programme on a monthly basis within the required period of time from July 12, 2021 to September 30,2022.

A business will only need to apply for participation once. Once approval for participation is granted application for the tax credits should be made monthly for up to any 10 new employees hired into the business after June 30, 2021.

Additionally, provide a list of the engaged employees for whom tax credits are being applied for stating:

1. Employee names,
2. Employee addresses,
3. Employee job titles,
4. National Insurance numbers,
5. Employment commencement date
6. Basic pay rates for a 40-hour week. Basic pay is not to include any bonus, tip, gratuity or commissions and severance pay
7. Any other information relating to proof of engagement that the comptroller might deem necessary

You can apply for your credits on a monthly basis.

Once an applicant is approved for participation in the programme, an application can be made to apply for monthly credits until September 30, 2022.

The deadline to apply for participation is Dec 31, 2021.

If you have more than one VAT registered business you may apply for each of them separately in the atlas portal at www.atlas.revenue.gov.bs, provided that each business has their own employees.

Documents required to register are:

• Completed EIP “participation form” online under your account at www.atlas.revenue.gov.bs
• NIB C-10 form with as of June 30, 2021
• Confirmation of NIB payment for June 30, 21 salaries (with receipt for payment)
• Confirmation of salary disbursement for June 30, 2021 salaries (banking records)

Documents required to apply for monthly tax credits are:

• Completed EIP “tax credit form” online under your account at www.atlas.revenue.gov.bs
• NIB C-10 form for month(s) credits are being requested
• Confirmation of NIB payment for month(s) credits are being requested (with receipt(s) for payment)
• Confirmation of salary disbursement for month(s) credits are being requested (banking records)
  
   

To apply for the EIP companies must visit www.atlas.revenue.gov.bs and complete the participation form and submit the requested documents.

Yes, companies wishing to apply must be VAT registrants.