IFTA licensed carriers can now submit quarterly tax returns online04 July 2018
FREDERICTON (GNB) – All International Fuel Tax Agreement (IFTA) licensed carriers can now submit their quarterly tax returns online.
“Your government is pleased to announce the creation of this new online quarterly tax return tool,” said Finance Minister Cathy Rogers. “The changes will allow all IFTA licensed carriers to file their quarterly reports online to reduce the administrative burden and make the process easier and faster.”
An internal review of the process showed that roughly 78 per cent of the returns prepared manually contained errors. Licensees taking advantage of the new online option will receive quarterly email reminders, easy-to-use forms that are automatically populated with the information according to the user’s personal data, and an online payment option.
“We understand the importance of easing administrative burdens and reducing accounting errors, as well as encouraging prompt reporting of returns for IFTA licensed carriers,” said Rogers. “These changes will make the process easier for applicable New Brunswick carriers.”
The new system will be offered to all carriers for the second quarter 2018 tax return submissions, which are due July 31. All licensees will have the option to file their quarterly tax returns online and submit payment, except for late and amended returns and those returns that include gasoline volumes. Returns that are filed late will be assessed a penalty of 10 per cent on the total tax due at the end of the reporting period or $50, whichever is greater. Returns filed late may also be subject to interest and administrative penalties.
Licensees choosing to take advantage of online quarterly tax return reporting are asked to complete the application and return it by July 6. Those carriers who signed-up during the trial phase do not need to redo this process.
Further information respecting IFTA licensed carriers under the Gasoline and Motive Fuel Tax Act can be found in the Fuel Tax Guide for Interjurisdictional Carriers Based in New Brunswick.
Carriers with questions regarding their IFTA account should contact the Department of Finance at STI-NB-IPS@gnb.ca, or by phoning 1-800-669-7070, or by mail at Department of Finance, Revenue Administration Division, Tax Administration, Marysville Place, P. O. 3000, Fredericton, NB, E3B 5G5.04-07-18