PORT OF SPAIN, Trinidad, CMC—The Trinidad and Tobago government announced Wednesday that the tax and national insurance amnesty introduced by the previous government last year has been extended to August 2 this year.
Finance Minister Davendranath Tancoo said that the tax amnesty covers penalties and interest on taxes paid up to the year of income ending December 31, 2023.
These include individual income tax, gaming amusement tax, pay-as-you-earn (PAYE) · withholding tax, health surcharge, hotel accommodation tax, corporation tax, club gaming tax business levy, insurance premium tax, green fund levy, tax on financial services, value added tax (VAT), petroleum profits tax (PPT), supplemental petroleum tax (SPT) · unemployment levy and stamp duty.
The Finance Minister said that the National Insurance Amnesty covers all interest and penalties outstanding on contributions prior to October 1, 2024, and applies only to employers registered with the National Insurance Board prior to that date.
“Where a taxpayer/employer fails to pay his outstanding tax/contributions during the Tax and National Insurance Amnesty, the penalties and interest which would have been payable in respect of the failure to pay the tax/contributions shall be revived and become payable as if the waiver had not been granted,” he added.
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