Published On: Sun, Feb 19th, 2023

Accountant Natasha Manuela on paying taxes

PHILIPSBURG — On Wednesday January 25th, Natasha Manuela, Managing Director of Prudential Tax Services, was interviewed on the Wendell Moore’s radio show about taxes — encouraging the public to file their taxes and educating on the importance of doing so.

“It is compulsory by law that you have to file your income taxes,” says Natasha Manuela. “Because of you’re expenditures you are eligible to get refunds, but if you don’t file, you lose that obligation. And there’s a fine of NAF 5000 if you do not file.”

Not only is there a fine to pay, but not having your taxes in order can also hamper your child if they’re thinking of studying abroad. “The child will not get the documents necessary for them to travel. Only when all the taxes have been filed, the child will be able to pursue their scholarship”.

“It’s very important, not only for your child that is studying, it’s also very important for you when you become a pensioner, because you’re paying into the pension system and every year that you file, that gives you a certain amount for you to be able to get the maximum, you would have to be filing consecutively and if you’re not, that minimizes the amount that you receive.”

Furthermore, if parents don’t make sure their taxes are in order before passing, the responsibility falls on the child, due to the law of “inheritance tax”.

CRIB Numbers
As soon as a person is out of school, and either stepping out into the work force or going away to study, it is obligated for them to get a CRIB number.

Who Qualifies to Pay Income Tax
Persons who receive an income of NAF 24,000+ yearly are qualified to pay income tax. Those who have a yearly income of NAF 18,000 and lower do not pay income tax, but do pay for taxes such as AOV.

Persons who aren’t employed still have to file their taxes by including a letter that explains how they are surviving, and if they were under the care of someone else. If the person was a student before becoming employed, that needs to be stated in the letter.

Small Businesses & Side Hustles
Whether you are selling cakes or doing makeup, all extra income you make needs to be declared. “Officially, by law, all income has to be declared no matter what it may be,” says Natasha, “We live in a technological world now, what we could’ve kept under the rug can’t happen anymore, because everyone is advertising on Facebook and the tax man sees it, and remembers when you go to file.”

Seniors & Income Tax
Seniors don’t necessarily have to pay income tax because they’ve already paid into the system. Seniors who have worked for the government and received a SZV and APNA pension often pay when they paid into the pension fund but there were no taxes deducted out of it at the time.

When the both pensions are added, although it’s not an income, it’s still considered as one because it’s what was received. When added, a person falls into a bracket where taxes need to be paid. And when the senior also receives a rental amount for their apartment, it counts as three incomes, since the amount received for the apartment is 65% taxable.

Located on Backstreet 166, Prudential Tax Services can be contacted for more information and assistance on WhatsApp at 1-721-587-4258, 1-721-550-8546 or email info.prudentialsbs@gmail.com.