Tax Amnesty 2023 - FAQs

Tags: Amnesty 2023

About Tax Amnesty 2023 (6)

  • What is Tax Amnesty 2023?
  • Tax Amnesty 2023 is an opportunity for taxpayers to pay the back taxes they owe the Board of Inland Revenue without being burdened to pay the corresponding penalties and interest

  • What is the legal authority for Tax Amnesty 2023?
  • Tax Amnesty 2023 is authorized by Act No. 21 of 2022

  • What is the period of the Tax Amnesty?
  • Tax Amnesty 2023 runs from 14th November 2022 to 17th February, 2023.

  • What is waived under the 2023 Tax Amnesty?
  • The Act provides for the waiver of:

    • Penalty and
    • Interest

    On returns filed and Taxes paid prior and during the period of the Amnesty.

  • Which taxes are covered under Tax Amnesty 2023?
    • Individual Income Tax
    • Pay-As-You-Earn (PAYE)
    • Health Surcharge
    • Corporation Tax
    • Business Levy
    • Green Fund Levy
    • Value Added Tax (VAT)
    • Petroleum Profits Tax (PPT)
    • Supplemental Petroleum Tax (SPT)
    • Unemployment Levy
    • Stamp Duty
    • Property Tax (Arrears from Lands & Buildings Taxes and Municipal Corporations Taxes Act, Part V)
    • Club Gaming Tax
    • Gaming Amusement Tax
    • Withholding Tax
  • Which tax periods are covered by the Tax Amnesty?
    • All prior tax periods up to December 31st, 2021

Liabilities and Returns (4)

  • I am not in agreement with some of the items on my liability statement. Where can I query the stated amount?
  • You may contact the Debt Management Unit at 800-TAXX (8299), ext. 11850

  • How do I file my outstanding tax returns?
  • IRD offers two (2) ways in which taxpayers may file returns on e-Tax:

  • Do I need to wait for the returns to be processed before I pay my taxes?
  • No, pay the tax liability during the amnesty period to avoid the penalty and interest.

Payments (9)

  • Prior to the amnesty I paid off all my outstanding taxes except the applicable penalty and interest. Subsequently, I submitted a letter requesting a waiver of both. Will all the penalty and interest owed be waived as a result of the current amnesty?
  • Yes, all penalty and interest will be automatically waived once the full amount of taxes have been paid either before or during the amnesty period.

  • Garnishee payments are presently being deducted from my salary. What happens if I pay off the taxes owed?
  • If you pay off the taxes owed during the Tax Amnesty period, the applicable penalty and interest will be waived. After payment is made, you should immediately inform the Garnishee/Enforcement Unit and a Release of Garnishee Order will be issued to your employer.

  • What do I need to pay?
  • You will need a Payment Description Slip (PDS). You can generate your own PDS to save time at the IRD offices or one can be generated for you at any IRD office.

    Taxpayers who use e-Tax to generate a PDS, spend less time in line
  • Can payments be made on-line?
  • Payments TT $100,000 and over can be made via ACH and safeTT. More info »

  • During the last amnesty, I paid off some of my outstanding taxes and received a waiver based on the amount paid. If I pay off the balance, would I be granted the full waiver?
  • Yes, once a payment is made towards a liability during the period of the amnesty you would be granted a waiver on the applicable penalties and interest.

  • My relative is out of the country. Can I submit their outstanding returns and pay any taxes that may become due?
  • Absolutely. You should take this opportunity to ensure that your loved ones’ tax obligations are brought up to date.

  • If I am unable to pay all of my outstanding liabilities, what can I do?
  • You have the following options:

    1. Pay in instalments during the amnesty period, but you must pay the full debt before the Tax Amnesty ends, to avoid paying the applicable penalties and interest;
    2. Pay as much as possible of the outstanding liabilities during the amnesty period. This will reduce the penalties and interest that will be payable after the amnesty ends;
    3. You may wish to obtain a loan to pay off the outstanding taxes in full, especially where the penalties and interest exceed your outstanding tax liabilities.
  • I am unable to pay off the full amount of my outstanding taxes, can I still benefit from the Tax Amnesty?
  • Yes, you can benefit from a waiver of the applicable penalties and interest on whatever taxes are paid during the period of the Tax Amnesty

Penalties and Interest (3)

  • Will the penalty and interest paid prior to the start of the amnesty be refunded?
  • Penalties and interest paid prior to the start of the Tax Amnesty period is not refundable.

  • As a result of late filing, will the penalties on my account be waived during the amnesty period?
  • Any late filing penalties on your account will be automatically waived.

  • What option do I have if my assessment is under objection?
  • You may wish to contact the Objections Unit to be advised on the options available for settling your outstanding liabilities. Or visit Objecting to an Assessment.

Other (3)

  • I am a sole trader who has never submitted any tax return, how would Tax Amnesty 2023 relate to me?
  • You should take advantage of Tax Amnesty 2023. By filing returns for the last six (6) income years, that is, 2016 – 2021, the penalties and interest will be automatically waived where any tax due was paid during the amnesty.

    Please note that sole traders are required by law to file returns annually

    Sole traders are required by law to file returns annually
  • Is this Tax Amnesty ‘open’ to foreigners also?
  • The Tax Amnesty is open to all resident persons and others who earn income in Trinidad and Tobago where taxes taxes are due and payable or penalties and interest have accrued as a result of outstanding taxes.

  • I have registered my business with the Ministry of Legal Affairs but not with the Inland Revenue Division. What do I do?
  • Apply for a BIR number to complete the required returns and pay the relevant tax liabilities. Taxpayers are encouraged to utilize IRD’s online services platform to apply for BIR number(s) or Account Number(s).

    Register for BIR Number on e-Tax

    All businesses must be registered with the Inland Revenue Division and be given a BIR File Number

    All businesses must be registered with the Inland Revenue Division and be given a BIR File Number

 

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