Annual report & statement of accounts

ANNUAL REPORT & STATEMENT OF ACCOUNTS
27 under Section 37 of the VAT Act. Forty-two (42) claims amounting to $235,607 were rejected. The total refunds paid amounted to B comprising B under Section 35 and B under Section 37. This amount reflects a decrease of 8.7% when compared with the amount paid in 2013. The total revenue recovered while verifying claims for refunds amounted to B. Table X below compares refunds paid during the year 2013 with that paid in 2014.
TABLE X
REFUNDS PAID
$ (B)
Description
Refunds Paid
2014
Refunds Paid
2013
Section 35
$2.97
$3.27 Section 37
$0.18
$0.18
Total
$3.15
$3.45

R
EVIEW OF
R
ETURNS


I
NTERNAL
R
EVENUE


Staff attached to this functional area undertook the review of information submitted on tax returns to verify the income declared and the correct amount of taxes due and payable. Staff commenced the review of six hundred and sixty (668) tax returns which were submitted by companies, completed four hundred (400) reviews and processed forty-four (44) reassessments additional assessments on the returns submitted. The revenue recovered upon completion of those activities amounted to fifty-one million, seven hundred and forty-three thousand, and three hundred and ninety-six dollars ($51,743,396). In relation to self-employed persons, one thousand, one hundred and twenty-eight (1,128) tax returns were reviewed, seven hundred and thirty - two (732) were completed and five hundred and fifty-seven (557) re-assessments/additional assessments were processed resulting in twenty-seven million, two hundred and twenty-six thousand, nine hundred and nineteen dollars ($27,226,919) in additional revenue being recovered. Further, one thousand, five hundred and thirty-nine (1,539) cases under the PAYE system were reviewed, seven hundred and ninety-six (796) were completed and six hundred and eighteen (618) re-

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