PORT OF SPAIN, Trinidad, CMC—The Trinidad and Tobago authorities introduced Wednesday that the tax and nationwide insurance coverage amnesty launched by the earlier authorities final yr has been prolonged to August 2 this yr.
Finance Minister Davendranath Tancoo stated that the tax amnesty covers penalties and curiosity on taxes paid as much as the yr of earnings ending December 31, 2023.
These embody particular person earnings tax, gaming amusement tax, pay-as-you-earn (PAYE) · withholding tax, well being surcharge, resort lodging tax, company tax, membership gaming tax enterprise levy, insurance coverage premium tax, inexperienced fund levy, tax on monetary companies, worth added tax (VAT), petroleum earnings tax (PPT), supplemental petroleum tax (SPT) · unemployment levy and stamp responsibility.
The Finance Minister stated that the Nationwide Insurance coverage Amnesty covers all curiosity and penalties excellent on contributions previous to October 1, 2024, and applies solely to employers registered with the Nationwide Insurance coverage Board previous to that date.
“The place a taxpayer/employer fails to pay his excellent tax/contributions throughout the Tax and Nationwide Insurance coverage Amnesty, the penalties and curiosity which might have been payable in respect of the failure to pay the tax/contributions shall be revived and grow to be payable as if the waiver had not been granted,” he added.
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