Waiver of penalties and interest for various taxes
The Finance Bill 2024 proposes tax amnesty for taxes paid or returns filed between October 1, 2024, and December 31, 2024.
The tax amnesty offers a waiver of penalties and interest for various taxes, including income tax, business levy, withholding tax, corporation tax, value added tax, and stamp duty for tax periods up to and including the year ending December 31, 2023. It also covers property tax and national insurance for periods up to and including the year ending December 31, 2024.
Under the amnesty, any outstanding taxes settled within the prescribed period would have their associated penalties and interest waived. Similarly, penalties would be waived for tax returns filed within the amnesty period. Additionally, if taxes were paid or returns filed before the amnesty period, any interest and penalties would also be waived.
Read a November 2024 report prepared by the KPMG member firm in Trinidad and Tobago