Tax Amnesty - what you need to know

By way of the Miscellaneous Provisions (Tax Amnesty, Pensions, National Insurance, Central Bank, Companies and Non-Profit Organisations) (Extension of period of Amnesty) Order, 2019 – Legal Notice No. 290, the Minister of Finance has extended the period for the waiver of the penalties and interest under the Tax Amnesty, from September 15, 2019 to September 30, 2019.  The amnesty covers income years up to and including the year ending December 31, 2018.   

Our Tax & Legal Team can assist our clients to maintain strict compliance with the laws and regulations of Trinidad and Tobago (T&T) in the following ways: 

• Ensure all tax returns are filed and outstanding liabilities settled up to and including income year 2018.
• Where tax issues are under objection and/or appeal, we can review the specific issues to ascertain the likelihood of success.  Based on our review a determination can be made as to whether you should take advantage of the amnesty in respect of any matters under dispute.  Payments can be made without prejudice to your ongoing challenges and would be recoverable if and when an objection or appeal is determined in your favour.
• Review PAYE / Health Surcharge records to ensure taxes are computed on all benefits paid to or derived by employees.
• Review of VAT Accounts and supporting documents to ensure VAT was accurately recorded and accounted for.
• Review transactions to ensure Withholding Tax has been properly accounted for on payments made to T&T non-resident service providers.

Where any taxes or returns remain outstanding after September 30, 2019, the interest and or penalties which would have been payable in relation to the tax or return shall become payable as if the amnesty had not come into force.