Chairman of the Trinidad and Tobago Revenue Authority (TTRA) Nigel Edwards, has advised taxpayers to get their taxes in order.
His advice comes as the Board of Inland Revenue (BIR) begins the process of seizing the accounts of errant business owners for unpaid taxes totalling some 15 billion.
Edwards, in a GML report, said that due to numerous tax amnesties in the past, there was now no excuse for tax evasion.
He also revealed that once the TTRA becomes operational, it will continue the BIR’s mission to recoup unpaid taxes.
According to Edwards, “There are studies that articulate that there is a tax collection gap as high as $15 billion. Our objective is to close that gap within the first three years by increasing tax collection by $10 billion, and that is an achievable objective.”
He added, “We will be looking forward to all taxpayers of Trinidad and Tobago supporting us in getting to that because it is the fair and equitable way to deal with revenue collection.”
Edwards assured that the BIR has mechanisms in place for business owners facing cash flow issues.
“Given the cash flow realities that businesses have, including post-COVID realities, I am certain there are mechanisms in place at the Inland Revenue and TTRA that will allow companies to fulfil their statutory tax obligations without being unreasonably burdensome on the company’s ability to continue. There are mechanisms in place that will allow the burden to be spread over a period of time,” he said.
Edwards said: “Part of the role of the TTRA is to maximise the collection of taxes legitimately due from all sources.”
However, he noted that average citizens bear the burden of taxes.
“I would like to call for more people to be willing to share the burden. Taxes are paid based on earnings, so I want to call for a greater willingness for people to pay their fair share of taxes because they have already earned,” he said.
Edwards stressed that errant business owners had enough time to pay their taxes.
“Having issued a number of amnesties in the past, there is now very little excuse for businesses or individuals to not pay their fair share of taxes,” he said.
Edwards could not specify how many business owners were evading taxes but noted that the TTRA’s strategic plan includes collaboration to identify errant business owners.
The BIR recently seized the accounts of the T&T Radio Network (TTRN), the parent company of radio stations 96.1 We FM, STAR 94.7 and 107.7 Music for Life, owned by Anthony “Chinese Laundry” Chow Lin On, over $34 million in unpaid taxes.