NIS to Waive Interest and Penalties for Employers and Self-Employed Persons

In light of the current economic challenges, the Minister of Finance has decided to waive 50% of the total interest and penalties due to the National Insurance Department in respect of outstanding National Insurance Contributions.

To qualify: Employers and self-employed persons must enter an agreement with the Board for the payment of the arrears of contributions and interest.

All arrears of contributions and half the outstanding interest must be paid within the period of the agreement (the difference to be waived).

From March 2009 and throughout the period of the agreement, persons in the programme must remain current in the payment of their contributions (due by the 15th of the following month).

You have a period of eighteen (18) months to 5 years to pay depending on the level of indebtedness and in accordance with the following schedule (April 1, 2009 to April 15, 2014 inclusive):

$1,000 and less than $10,000 18 months

$10,000 and less than $20,000 24 months

$20,000 and less than $50,000 36 months

$50,000 - and less than $100,000 48 months

$100,000 and greater 60 months

Persons can enter the programme anytime between April 2009 and December 2009.

The cut-off period for arrears of contributions will be February 2009 and the cut-off period for interest will be March 15th, 2009.

If you need more information, call the Compliance Section of the National Insurance Office at 431-7400 or visit us at www.nis.gov.bb