Trinidad and Tobago Extends Tax and National Insurance Amnesty

Extension Period

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.

Penalties and Interest

“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.

Amnesty Coverage

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
Club gaming tax
Business levies
Insurance premium tax
Green Fund Levy and Value Added Tax (VAT)
Petroleum Profits Tax (PPT)
Supplemental Petroleum Tax (SPT)
Unemployment Levy
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.

National Insurance Amnesty

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.

Government’s Plan

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.

Waiver of Duties

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.

Conclusion

The extension of the tax and national insurance amnesty provides a second chance for taxpayers and employers to settle their outstanding debts and avoid penalties and interest. It is essential for individuals and businesses to take advantage of this opportunity to bring their accounts up to date and ensure compliance with tax regulations.

FAQs

Q: What is the new deadline for the tax and national insurance amnesty?
A: The new deadline is January 31, 2025.

Q: What types of taxes are covered by the amnesty?
A: The amnesty covers individual income tax, gaming amusement Tax, pay-as-you-earn (PAYE), withholding taxes, health surcharge, hotel accommodation tax, corporation tax, and club gaming tax, among others.

Q: Who is eligible for the national insurance amnesty?
A: Only employers registered with the National Insurance Board before October 1, 2024, are eligible for the national insurance amnesty.