PORT OF SPAIN -The Trinidad and Tobago government says it will pay out an estimated $246 million in individual tax refunds to more than 87,000 people.
A brief statement from the Ministry of Finance quoted Finance Minister Colm Imbert as saying that he has requested the Board of Inland Revenue (BIR) to issue individual tax refunds to all eligible taxpayers who are owed these refunds in amounts up to $25,000.
“The BIR has advised that this will cost the government $246 million and involve tax refunds to 87,376 taxpayers,” the statement said, with Imbert expressing his thanks to “taxpayers for their patience and understanding”.
The statement did not give any indication as to what period the payment of the tax refunds would cover, but last month, Imbert said that as of January 27, 2025, the tax amnesty had raised TT$2.38 billion in revenue.
“Compared to previous years, the current Tax Amnesty is now on par with the 2019 tax amnesty, which was the most successful tax amnesty granted in the history of Trinidad and Tobago in terms of collections. It is now likely that the current 2024/2025 tax amnesty will exceed the collections in 2019.”
Imbert said as the Trinidad and Tobago Revenue Authority is expected to become fully operational in 2025, and greater compliance is expected in the future, the current Tax and National Insurance Amnesty will allow taxpayers to put their houses in order and to pay their outstanding taxes before the TTRA is operational.
He said the amnesty had been extended to March 31, 2025. (CMC)
