THE tax amnesty has been extended to August 31.
This was announced by Finance Minister Colm Imbert following a Cabinet decision on Thursday.
In a media release on Friday, Imbert stated that he has taken into consideration the fact that under Section 29(1)(d) of the Public Procurement and Disposal of Public Property Act, all suppliers and contractors to public bodies must have “fulfilled their obligations to pay all required taxes and contributions in Trinidad and Tobago.”
What this means is since the proclamation of the Public Procurement and Disposal of Public Property Act on April 26, 2023, suppliers of goods and services to ministries, departments, agencies, statutory authorities, state enterprises and other public bodies must now be able to produce a tax clearance certificate from the Inland Revenue Division or certificate of compliance from the National Insurance Board, if applicable, or alternatively, evidence of payment arrangements with the Inland Revenue Division and/or the National Insurance Board to pay outstanding taxes and/or contributions, if applicable, the release stated.
Imbert stated that recognising many small and medium enterprises were severely affected by Covid-19 in 2020 and 2021 and fell behind in their statutory obligations, such as the payment of taxes and contributions and this will now adversely affect their ability to pre-qualify for the supply of goods and services to public bodies.
The 2022/2023 tax amnesty for the year of income ending December 31, 2021 to August 31, 2023 was granted “to give these businesses a further opportunity to put their house in order,” the minister said.
