Finance Minister Colm Imbert has announced another Tax Amnesty extension – this time by an additional two months to August 31st, 2023.
However, the Minister told companies big and small to put their house in order and do their accounts and financial statements, as there may not be another extension.
In a release, Imbert said the decision has been taken in consideration of 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 NIB to pay outstanding taxes and/or contributions, if applicable.
The release added: Recognising that many small and medium enterprises were severely affected by Covid-19 in 2020 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 Cabinet decided to extend the tax amnesty for the year of income ending December 31 2021 to August 31, 2023, to give these businesses a further opportunity to put their house in order.