Imbert announces tax amnesties, online payment for property tax

FINANCE Minister Colm Imbert has announced tax and national insurance amnesties to allow people to make outstanding tax payments without incurring penalties before the TT Revenue Authority (TTRA) becomes operational. He also announced the creation of an online system to assist people with the payment of residential property tax.

He made these announcements when he presented the 2024/2025 budget in the House of Representatives on September 30.

Imbert said, “Tax amnesties over the years have proven to be a valuable source of additional revenue and have generated billions of dollars in payments.”

He added, “We do not want to encourage tax avoidance. But now that the Privy Council has ruled in the Government’s favour with respect to the constitutionality of the TTRA which now allows us to move apace to populate and operationalise this new authority, we will give taxpayers one last opportunity to put their house in order and pay up their outstanding taxes before the TTRA is in full operation, without being subject to penalties and interest.”

On September 16, the Privy Council unanimously ruled that the Revenue Authority Act is constitutional.

This cleared the way for the TTRA to be operationalised.

Imbert said some small businesses are still recovering from the effects of the covid19 pandemic.

Against this background, he continued, an amnesty will also be given to these entities for national insurance payments.

“Both the tax amnesty and the national insurance amnesty will run from October 1, 2024 to December 31, 2024.”

He added no further amnesties will be given after the TTRA is fully operational as better compliance is expected from all taxpayers by that time.

Imbert rejected the claims by the Opposition UNC that government will use the TTRA to “go after little people like nuts vendors.”

“We have bigger fish to fry,”

Imbert said these included people and businesses that earn millions per year and do not pay taxes.

He also announced there will be online bank transfer and card payment options to help people pay their property tax.

These options, he continued, will be implemented on or before October 31.

As a result of challenges being experienced by people to pay property tax, on September 23, the Finance Ministry announced an extension of the time period for paying the property tax.

The original deadline date of September 30 was extended to November 29, pursuant to Legal Notice 175 of 2024, which was published on September 22.

The ministry said consequently, owners and occupiers of residential land in receipt of a notice of assessment from the Board of Inland Revenue (BIR) have until November 29 to pay the tax without incurring any penalties.

Imbert condemned Opposition Leader Kamla Persad-Bissessar’s disapproval of TT moving towards a cashless society,

“The rest of the world knows cashless is the way to go for many reasons, including minimising opportunities for theft and fraud. It is to be noted that we are behind the rest of the world in this area.”

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