e-Payments - Payments $100,000 & Over

In pursuit of expanding options for contactless payment of taxes, the Board of Inland Revenue (BIR) will now accept payment of taxes via TransACH for transactions between $100,000.00 and $499,999.99 and safe-tt for transactions $500,000.00 and over through the Central Bank of Trinidad and Tobago (CBTT).

TransACH

TransACH, pronounced ‘trans act’, is an Automated Clearing House (ACH) created through the collaboration of all the commercial banks and the CBTT. TransACH is operated by the Trinidad and Tobago Interbank Payments Systems (TTIPS) to process all the ACH transactions that move between these participants. This electronic payment system allows secure electronic transfer of funds between banks on behalf of their customers. Most importantly, the entire process is automated!

How Does TransACH Work?

1. The taxpayer contacts their bank to set up and enable the TransACH or ACH service
   • Commercial banks may offer this service under a different name
   • Setup fees may apply
2. Setup or send instructions to the bank of what tax payments to make to the BIR and when
   • TransACH payments should be requested at least three (3) to five (5) business days before the scheduled payment date
   • Taxpayers are allowed to send several tax payment requests in a single TransACH transaction
   • See Payment Description below for details to be included with each tax payment request
   • The transaction total must be less than $500,000. BIR strongly recommends using TransACH for transactions between $100,000 and $499,999.99
   • Transactions fees may apply
3. The bank submits all TransACH payments for a specific day electronically to TTIPS, via a secure platform.
4. Payments received by TTIPS are sorted and sent to CBTT
   • In the case that the taxpayer’s account does not have enough funds at the time of processing, the bank – at their discretion – may still honour the debit
   • Fees, interest, and/or penalties may apply
5. The BIR is notified on receipt of the payment files by CBTT, so that the payment can be applied to the correct tax liability on the taxpayer’s account
6. Once the payment has been applied, the BIR will issue and mail the receipt to the taxpayer’s mailing address on record

Safe-tt

Safe-tt, which stands for Settlement Assured for Financial Exchange in Trinidad and Tobago, is the Real Time Gross Settlement (RTGS) system for large-value payments in Trinidad and Tobago. Safe-tt is a fully automated system through which large value ($500,000 and over) and/or time-critical payments are cleared and settled. It was established by the CBTT in October 2004.

How Does safe-tt Work?

1. The taxpayer informs their bank that they wish to make a tax payment using safe-tt
   • Commercial banks may charge a fee to enable or set up this service
2. Send instructions to your bank of what tax payments to make to the BIR and when
   • A safe-tt transaction may be requested on the same day as the scheduled payment, depending on the bank
   • Taxpayers are allowed to send several tax payment requests in a single safe-tt transaction
   • See Payment Description below for details to be included with each tax payment request
   • The transaction total must be at least $500,000
   • Transactions fees may apply
   • The bank might require additional steps like phone verification of instructions, in addition to filling out electronic and/or paper forms, before the request is initiated.
3. As long as the taxpayer has sufficient funds, the bank would send instructions electronically through safe-tt to the CBTT, using the Society for Worldwide Interbank Financial Telecommunications (SWIFT) message system
4. The BIR is notified on receipt of the SWIFT message by CBTT, so that the payment can be applied to the correct tax liability on the taxpayer’s account
5. Once the payment has been applied, the BIR will issue and mail the receipt to the taxpayer’s mailing address on record

Making a Tax Payment via TransACH or safe-tt

The taxpayer will need the following details

Payment Description

For each tax payment being made the following information is required on both TransACH and safe-tt instructions. :

• Taxpayer (Company/Individual) Name
• BIR Number
• Type of Tax being paid e.g. PAYE, Health Surcharge, Business Levy etc.
• Account Number for the Tax being paid
• Payment period end date in yyyy-mm-dd format e.g. 2020-03-31
• Amount to be paid in TTD

Note: Where multiple payments are being paid via the same remittance, a separate description for each payment is required.

Not including or partially completing payment descriptions will result in a delay of applying the tax payment. The taxpayer is solely responsible for any fees, penalties or interest generated, or accrued, as a result of this delay.

Payment Verification

The taxpayer may log into their e-Tax account to verify that the funds were applied to settle the correct tax liability at least one week following the date on which the TransACH or safe-tt request was made. Taxpayers without an e-Tax username and password will have to call 800-TAXX (8299) extensions 12555 or 12520, or email to enquire if the payment was received.

Once the payment has been applied, the BIR will issue and mail the receipt to the taxpayer’s mailing address on record. Taxpayers may log into their e-Tax account to ensure that their mailing address is up to date or update their mailing address if necessary. Taxpayers without an e-Tax username and password will have to call 800-TAXX (8299) or send written correspondence to the BIR to update their mailing address.