2017 FS3 and FS7 Forms to be submitted to IRD by 15 February 2018
All employers are obliged to declare all their employees’ wages, salaries, fringe benefits, deductions and maternity fund contributions to the Inland Revenue Department on a yearly basis.
The employer needs to complete accurately two types of forms (FS3s & FS7) with the above information and these are to be submitted to the Inland Revenue Department by the 15th February of each year. Manual FS3s and the FS7 may be submitted to the IRD if not more than 29 FS3s are being submitted to the IRD. Employers submitting more than 29 FS3s are obliged to submit the FS3s via the Online service. In an IRD circular submitted to all employers late in January 2018 it was announced that this concession was being removed and as of the 2018 declarations all employers submitting more than 9 annual FS3s are to submit the FSS Forms online.
FS3 Form: An FS3 is required to be completed for each employee. On this form the employer is to declare the gross wage of the employee and all the deductions made on the salary.
FS7 Form: An FS7 is required to be completed with the aggregate of all employees’ gross wages and the deductions made on their salaries. The FS7 figures should tally with the figures of all the FS3s when added together. The FS7 also requires a declaration of the monthly payments made on the FS5s during the calendar year. After the end of each calendar year all employers should receive a barcoded FS7 from the IRD which should be utilised for submission.
Employees’ Tax and Social Security Contributions (SSC) deducted from the employees wages and salaries together with the employer’s share of the SSC and Maternity Fund Contribution are to be declared at the Inland Revenue Department. Late submission of the FS3s and FS7 Forms attracts penalties.
All employees have to be provided with a copy of their FS3 as it might be required for their yearly tax computation.