The penalties would normally apply to corporate tax returns which are not filed by midnight on 31 December.
However, Revenue Jersey has decided that companies should instead have until midnight on 31 January 2021 to file their returns before a penalty will be raised due to the disruption caused by covid-19.
This year, companies will need to provide more documentation when they file their corporate tax return. The Taxation (Companies – Economic Substance) (Jersey) Law 2019 means that, for the first time, companies will need to provide additional information, including accounts and information about their business activities.
Due to the more complex filing requirements, companies are being advised to aim to file in good time to avoid a late filing fee. They also also being advised to also allow up to five days if they need to request a password reset for their account.
“We recognise that the disruption caused by covid-19 and by lockdown has created adverse working conditions, which mean that tax agents may be hard-pressed to meet the standard corporate tax deadline of 31 December,” the Comptroller of Revenue, Richard Summersgill (pictured top), explained.
“In light of this, Revenue Jersey have agreed to waive any late fees for returns which are filed before midnight on 31 January, 2021. I would, however, advise companies to make sure that they are prepared ahead of that date, including ensuring they have access to their online account.”