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Sunday, June 29, 2025

Tax Amnesty extended again

by

PETER CHRISTOPHER
38 days ago
20250522
File: Members of the public wait in line outside the Ministry of Finance’s Inland Revenue Division at Government Campus Plaza, Port-of-Spain.

File: Members of the public wait in line outside the Ministry of Finance’s Inland Revenue Division at Government Campus Plaza, Port-of-Spain.

The Na­tion­al Tax Amnesty has been ex­tend­ed again.

In a re­lease yes­ter­day, the Min­istry of Fi­nance ad­vised that there had been an ex­ten­sion of the Tax and Na­tion­al In­sur­ance Amnesty to Au­gust 2, 2025.

The re­lease said, “The Min­is­ter of Fi­nance, the Ho­n­ourable Dav­en­dranath Tan­coo wish­es to ad­vise that the Tax and Na­tion­al In­sur­ance Amnesty in­tro­duced by the Fi­nance Act, 2024 (with ef­fect from Oc­to­ber 1, 2024, to De­cem­ber 31, 2024) has been ex­tend­ed to Au­gust 2, 2025.”

The re­lease con­firmed that the Tax Amnesty would cov­er penal­ties and in­ter­est in re­la­tion to 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 amnesty ap­plies to penal­ties and in­ter­est on the list­ed tax­es up to the year of in­come end­ing De­cem­ber 31, 2023.

The re­lease added, “Fur­ther, 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 Oc­to­ber 1, 2024.”

Pri­or to the Gen­er­al Elec­tion on April 28, for­mer Fi­nance min­is­ter Vish­nu Dhan­paul had ex­tend­ed the amnesty to May 2.

This is the third time the amnesty has been ex­tend­ed. It had orig­i­nal­ly been sched­uled to end on De­cem­ber 31, 2024, but was first ex­tend­ed pri­or to that dead­line to Jan­u­ary 31, 2025.


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