St. Lucia Chamber of Commerce Hosts Seminar on Employer's Annual Returns (TD4 & TD5 Forms) in Collaboration with IRD

December 17, 2024-The St. Lucia Chamber of Commerce, in collaboration with the Inland Revenue Department (IRD), recently hosted a seminar focusing on Employer's Annual Returns (TD4 & TD5 Forms). The event aimed to enhance understanding and ensure compliance with the requirements for tax documentation for both 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 the importance of maintaining accurate records for both employees and the company. Participants highlighted the need for streamlined processes to ensure tax compliance, as well as transparency in the reporting of employee benefits and allowances.

Next Steps for Employers:

• 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.
• Maintain a copy of each employee's tax form for company records.
• Accurately report allowances, benefits, and company-provided vehicles on tax forms.
• Withhold tax on payments to contractors (10% for local, 25% for foreign).
• Ensure proper reporting of service charges and housing benefits.
• Provide departing employees with their completed tax forms.

Tessa Preville from the IRD led the discussions, highlighting the importance of accurate record-keeping and the shift toward an online system for submitting forms. She also explained the process for managing employee and contractor tax information, stressing the need for employers to be diligent in their reporting and documentation.

The Chamber of Commerce and IRD are committed to assisting employers in meeting tax obligations and ensuring smoother tax processes. The seminar also suggested further enhancements to streamline submissions and improve compliance, including the potential introduction of an online system to minimize errors and delays.

The collaboration between the St. Lucia Chamber of Commerce and IRD marks an important step in supporting businesses and ensuring they remain compliant with tax regulations.