An amnesty is defined as an official pardon, such as one from the Inland Revenue Division, Ministry of Finance of the Government of Trinidad and Tobago or the Board of Inland Revenue (BIR). A tax amnesty is a chance for taxpayers who owe taxes to the BIR to pay their taxes without the corresponding penalties, such as accrued tax penalties or interest.
For all taxes due and payable as at 31 December 2021, penalties and interest charges will be waived if tax liabilities are settled between 14 November 2022 and 17 February 2023. The amnesty is offered to both individuals and companies. The amnesty encourages indebted taxpayers to come forward and pay off their outstanding balances. In turn, it promises not to impose punishments for those unpaid taxes.
The short answer here is extra revenue. Imposing a tax amnesty helps the Government of Trinidad and Tobago generate revenue they otherwise would not obtain.
The BIR has six years to get taxpayers to file their tax returns and declare outstanding taxes. It is in the Government’s best interest to have an amnesty that forgives debt and helps taxpayers pay taxes when they’re experiencing tough times.
At Walter Rochester & Associates Limited, our tax team does a very detailed investigation of our client’s financial situation to ensure that they benefit from the tax amnesty. Contact us today for more information about how you can benefit from the Trinidad and Tobago Tax Amnesty.
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Phone: 1-868-391-3596