The Government of Trinidad and Tobago has announced an extension of the Tax and National Insurance Amnesty until May 2, 2025. Initially established by the Finance Act of 2024, the amnesty was originally set for October 1 to December 31, 2024, and had previously been extended to March 31, 2025. This latest extension provides taxpayers and employers additional time to regularize their tax and national insurance obligations without incurring penalties or interest.
Scope of the Tax Amnesty
The amnesty covers penalties and interest related to various taxes up to the income year ending December 31, 2023, including:
For Property Tax, the amnesty applies to penalties and interest up to December 31, 2024. National Insurance Amnesty Details The National Insurance Amnesty waives all interest and penalties on contributions outstanding before October 1, 2024. This provision is applicable exclusively to employers who were registered with the National Insurance Board prior to that date. Legal Framework The extension has been formalized through the issuance of several Legal Notices, specifically Nos. 110, 111, 112, 113, 114, and 116 of 2025. These documents provide the legal basis for the amnesty's continuation and outline the specific terms and conditions. Implications for Taxpayers and Employers Taxpayers and employers are encouraged to take advantage of this extended period to settle any outstanding taxes or contributions. It's important to note that if obligations are not settled within the amnesty period, the previously waived penalties and interest will be reinstated and become payable as if the waiver had not been granted. Conclusion This extension reflects the government's commitment to providing relief to taxpayers and employers, allowing them additional time to comply with their fiscal responsibilities. Stakeholders are advised to act promptly within this window to benefit fully from the amnesty provisions. Sources: Ministry of Finance, Trinidad and Tobago. "Media Release: Extension of the Tax and National Insurance Amnesty to May 2, 2025." March 28, 2025. Important Notice: This article is for informational purposes only and does not constitute legal advice. Always seek consultation with an attorney for your specific legal concerns, as only a professional familiar with the details of your situation can provide proper guidance. This website is managed by AURORA Chambers; a law practice in Trinidad and Tobago. Click HERE to receive updates straight to your inbox by subscribing to our newsletter.
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