History
Prior to 1942. The Treasury Division administered the Income Tax functions.
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Inland Revenue Department was created, as a separate and autonomous department of Government, to administer the Income Tax functions. A Commissioner and a Deputy Commissioner managed the department.
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Trinidad was granted internal self-government. The department was then made a division of the Ministry of Finance and renamed Inland Revenue Division. Officers were relocated from Richmond Street to 41 and 47-49 Sackville Street, Port of Spain. (P.O.S).
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Mechanisation of tax processing commenced with the introduction of the Hollerith system. This system required the use of punch cards, which were then processed through a reproducer to obtain necessary printouts.
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Moved from Sackville Street offices to Trinidad House, St. Vincent Street, P.O.S.
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Major changes introduced by Act no. 29 of 1966:
- Establishment of a Board consisting of three (3) Commissioners;
- Introduction of Corporation Tax as a separate Tax regime;
- Introduction of Withholding Tax regime.
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Creation of Taxpayers Relations Section – formed to organise programs of tax education and information for members of the public.
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Creation of Taxpayer Assistance Section
Reorganisation of Board along Functional lines.
Introduction of Computerised processing of Income Tax returns
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Introduction of a separate Tax regime for the petroleum industry (Oil Audit).
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Introduction of Value Added Tax (VAT).
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Introduction of the Petroleum and Large Taxpayer Business Unit.
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Introduction of THE CRIMINAL TAX INVESTIGATION UNIT.
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Introduction of The Integrated Tax Processing System - Phase 1
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Implementation of Phase 2 (April)- The Integrated Tax Processing System
Implementation of Phase 3 (Nov.)- The Integrated Tax Processing System mainly new returns for e.g. Vat, Insurance, Financial Services