Tax News Alert: ePayment of tax liabilities via commercial banks

The Trinidad and Tobago Inland Revenue Division (“IRD”) has introduced an option for taxpayers to utilise in settling their tax liabilities in light of the COVID-19 pandemic.

The IRD will accept the payment of taxes e.g. PAYE, Business Levy, Green Fund Levy, Corporation Tax, Withholding Tax, Value Added Tax etc. via the Automated Clearing House (“ACH”) systems referred to as the Settlement Assured for Financial Exchange in Trinidad and Tobago (“Safe-tt”) and Transach. The Trinidad and Tobago (“T&T”) banking network has utilised the ACH, Safe-tt and the Transach systems since 2006, 2004, and 2007 respectively.

The IRD will accept the payment of taxes through the Central Bank of Trinidad and Tobago (“CBTT”), via Transach for transactions between TT$100,000 and TT$499,999 and Safe-tt for transactions TT$500,000 and over.