PORT OF SPAIN, Trinidad, CMC—The Trinidad and Tobago government says it is extending the tax and national insurance amnesty that was due at the end of December last year to the end of this month.
“Where a taxpayer/employer fails to pay his outstanding tax/contributions during the extended Tax Amnesty and National Insurance Amnesty, i.e., on or before January 31, 2025, 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,” the Ministry of Finance said in a statement.
“In this regard, the necessary Orders to extend the deadline will be published by Friday, January 3, 2025, and be retroactive to December 31, 2024,” it added.
The ministry said that the amnesty covers penalties and interest related to unpaid taxes for previous years and the year of income ending December 31, 2023. It includes individual income tax, gaming amusement Tax, pay-as-you-earn (PAYE), withholding taxes, health surcharge, hotel accommodation tax, corporation tax, and club gaming tax.
It will also cover business levies, insurance premium tax, the Green Fund Levy and Value Added Tax (VAT), Petroleum Profits Tax (PPT), Supplemental Petroleum Tax (SPT), Unemployment Levy, and Stamp Duty.
“The extended Tax Amnesty also covers penalties and interest for unpaid Property Taxes 2024, which are now due and payable on or before January 31, 2025.”
During his budget presentation in September last year, Finance Minister Colm Imbert said that the government was moving forward with the establishment of the Trinidad and Tobago Revenue Authority, which he said was critically needed to address the tax gap due to tax evasion, which has been estimated at up to TT$10 billion (One TT dollar = 0.16 cent) per year.
The government said that the national insurance amnesty covers all interest and penalties outstanding on contributions paid prior to October 1, 2024, and interest and penalties on any contributions outstanding as of September 2024, where the contribution is paid during the period October 1, 2024, to December 31, 2024.
“However, the NIS Amnesty applies only to employers registered with the National Insurance Board before October 1, 2024,” the ministry said.
The government also announced a waiver of all Customs Duty, Value-Added Tax, and Online Purchase Tax on several items, ranging from electric vehicle chargers and parts to sporting material.
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