T&T Budget 2020 is on October 5th

[Rockram]

I say...

Raise the VAT back to 15%...

Crack the online tax a 9%....

Raise the gas again....

Raise motor tax...ppl still buying like hot hops

Rock this for now, could always raise again next year.

I think its only fair the citizens of T&T stay absolutely quiet and embrace the increases as they are responsible for this, especially the younger generations.

Friends, the time has now come for you all to be held accountable for your actions.

What about capital gains tax? Any possibility

[MaxPower]

I say...

Raise the VAT back to 15%...

Crack the online tax a 9%....

Raise the gas again....

Raise motor tax...ppl still buying like hot hops

Rock this for now, could always raise again next year.

I think its only fair the citizens of T&T stay absolutely quiet and embrace the increases as they are responsible for this, especially the younger generations.

Friends, the time has now come for you all to be held accountable for your actions.

What about capital gains tax? Any possibility

Baby steps Rocky...baby steps

[rebound]

Exactly. They are the ones evading the most taxes and with mostly Doctors and Lawyers in Parliament, that will not be addressed.

Every Doctor, Lawyer Accountant collects CASH payments.
Very few of them declare all their income-after it is Trinis we talking about.

[bluefete]

Begin privatizing secondary school education

Do that and we back to pre 1962.

That means PNM chrien will be at a great disadvantage.

Since when you care about PNM chrien??????

[zoom rader]

I say...

Raise the VAT back to 15%...

Crack the online tax a 9%....

Raise the gas again....

Raise motor tax...ppl still buying like hot hops

Rock this for now, could always raise again next year.

I think its only fair the citizens of T&T stay absolutely quiet and embrace the increases as they are responsible for this, especially the younger generations.

Friends, the time has now come for you all to be held accountable for your actions.

All that means is less people will be spending money at your parlour

[zoom rader]

Begin privatizing secondary school education

Do that and we back to pre 1962.

That means PNM chrien will be at a great disadvantage.

Since when you care about PNM chrien??????

Cause we can't all of dem turn out be bandits.

Some are still needed to mix concrete and wash cars

[bluefete]

I say...

Raise the VAT back to 15%...

Crack the online tax a 9%....

Raise the gas again....

Raise motor tax...ppl still buying like hot hops

Rock this for now, could always raise again next year.

I think its only fair the citizens of T&T stay absolutely quiet and embrace the increases as they are responsible for this, especially the younger generations.

Friends, the time has now come for you all to be held accountable for your actions.

All that means is less people will be spending money at your parlour

As long as he has Venes buying from him, he eh bidness.

[bluefete]

Begin privatizing secondary school education

Do that and we back to pre 1962.

That means PNM chrien will be at a great disadvantage.

Since when you care about PNM chrien??????

Cause we can't all of dem turn out be bandits.

Some are still needed to mix concrete and wash cars

[quietdevil]

I don't see the devaluation unless its to curb individual online credit card purchases. Devaluation mostly gives purchasing power to external markets and our major exports are from private owned companies. That wont benefit the treasury. What I think will happen is a continued ease of subsidies mainly with electricity and water just as they did with gas. They also need to implement the revenue authority and enforce tax payments by self employed individuals. The last figure Imbert gave was about 40% of persons not paying their taxes. Limited liability companies are also operating under their tax brackets by not claiming cash transactions and of course with a under staffed IRD they know they not getting audited. Doctors, lawyers, accountants, and other persons who provide skilled services also do not pay their fare share. If we all pay our fair share of taxes and not take it from the public sector and higher paid private sector workers then we will need less grease for the coming years.

where you get this idea from boy? I'll have you know, individual professionals pay more than what people consider "their fair share", and are some of the heaier taxed earned in this country. Remember, they paying VAT & other taxes, same as the person earning below the 72K PAYE exemption bracket, and on top of that they paying PAYE of 25% on their earnings over 72K that those making less than under 72K DON'T pay.

Doctors, lawyers and accountants are simple examples. They form a compnay to legitimise their earnings and limit their declarations to ensure they pay the minimum. And I was not talking about the accountant who fighting he way in a company, i was talking about the chartered fellas. The law states you have to pay 25% of every dollar you make. And we have tax credits to protect the "vulnerable" and the sufferers. I pay my 25% because my emolumnet comes from a company. IF i made my money from doubles, farming, hair cutting, massages, etc... then who ensures i pay my taxes?

[elec2020]

Begin privatizing secondary school education

Do that and we back to pre 1962.

That means PNM chrien will be at a great disadvantage.

Since when you care about PNM chrien??????

Cause we can't all of dem turn out be bandits.

Some are still needed to mix concrete and wash cars

He not even trying to hide thae hate and discrimination anymore. The post-elections pain strong.

[bluefete]

So Imbert real skulling people.

The removal of taxes on computers expires on 31/12/2020.

Wey de balisier juicers?

[Redman]

Given the virus and the state of the oil and gas markets worldwide- GORTT has to look at creative ways to raise funds without adding to the debt load already on the books.

TnT has quite a low compliance in terms of VAT, NIS and Taxes in general. Compliance should be priority however many companies and individuals cannot afford to become compliant. This is due simply to the fact that having fallen behind, the unpaid sums attract penalties that exceed the company’s ability to catch up-especially over the last few years.

Status quo today:
• A large unpaid Tax/VAT/NIS liability-essentially unsecured debt that may or may not be collected by GORTT.
• Private Companies that are struggling to stay alive-but cannot find a lump sum to become compliant-therefore are unable to tender for many contracts, keeping the co on the edge of insolvency.
• GORTT needs a mechanism to raise funds-but not debt.
• Significant Liquidity in the system.

It occurs to me that the TTMF model might be a way out.

For Example
A small co -SmallCo has 300k in unpaid VAT/NIS etc – attracting penalties.
A company like TTMF-Tax Co Inc is formed to act as an aggregator of private sector Tax Liabilities, and a bridge to fund same.
Simplified Step by Step.
• SmallCo sits with the TaxCo and comes to a figure owed specific date. -300k
• TaxCo ‘loans’ SmallCo 300K-paid directly to BIR/NIB on behalf of SmallCo.300K being the principle and penalties to date-OR just the principle as an incentive.
• SmallCo is now paying a monthly installment- and is compliant and able to move upward.Termed out 300 over 10 years @5.25% is a $3300 monthly installment.
• BIR/NIB collect unpaid taxes and now have SmallCo on their radar.


The loan structure can easily be set up to be low interest, and keep small co inline with incentives to pay off in 3 ,5,7 years-(maybe step up interest rates,rebates for complaint cos ,tax credits)

TaxCo and act as an aggregator of tax/nis liabilities…and securitize it into a series of tradable fixed Income instruments.
The banks/pension funds/UTC et al can buy these instruments into their portfolios.

Liquidity from the banks moves through TaxCo into BIR/NIB and private sector pays back loan.
The liability of un paid taxes has migrated from a low quality, unsecured GORTT liability to a private sector liability , and the private sector pays for it.

BIR/NIB position is improved as they have received payment and TaxCo can now establish compliance management sessions with the small cos. Update all Director/Co information and where possible take collateral.
And having processed the company has a handle on the directors etc in order to keep the co inline.

And here is a kicker.
If SmallCo can afford, they might be able to PREPAY a couple 100k worth of taxes.
NIB needs to get cashed up ASAP to try and stave off insolvency of the fund. The sooner they get money the better.
Prepayment is a great thing.
Maybe additional NIB credits for PREpayment?

The math is interesting too-200k worth of NIB prepayments would give a small company 4-6 months of space,( about 40k per month) at a digestible installment per month. Which is great at this time with the environment as is.

On the Corporate side- TaxCo now has a stream of income, with the ability to have a bond issue or a fund that is rated based on the quality of the repayment streams…So now we have quality based fixed income funds that attract higher than deposit rates-from the paying companies and PAY higher rates to the investors.
FreddieMac and Fannie Mae were doing this in the US mortgage markets, TTMF also does this in the local market for mortgaged


FLAME ON.

[Dohplaydat]

Given the virus and the state of the oil and gas markets worldwide- GORTT has to look at creative ways to raise funds without adding to the debt load already on the books.

TnT has quite a low compliance in terms of VAT, NIS and Taxes in general. Compliance should be priority however many companies and individuals cannot afford to become compliant. This is due simply to the fact that having fallen behind, the unpaid sums attract penalties that exceed the company’s ability to catch up-especially over the last few years.

Status quo today:
• A large unpaid Tax/VAT/NIS liability-essentially unsecured debt that may or may not be collected by GORTT.
• Private Companies that are struggling to stay alive-but cannot find a lump sum to become compliant-therefore are unable to tender for many contracts, keeping the co on the edge of insolvency.
• GORTT needs a mechanism to raise funds-but not debt.
• Significant Liquidity in the system.

It occurs to me that the TTMF model might be a way out.

For Example
A small co -SmallCo has 300k in unpaid VAT/NIS etc – attracting penalties.
A company like TTMF-Tax Co Inc is formed to act as an aggregator of private sector Tax Liabilities, and a bridge to fund same.
Simplified Step by Step.
• SmallCo sits with the TaxCo and comes to a figure owed specific date. -300k
• TaxCo ‘loans’ SmallCo 300K-paid directly to BIR/NIB on behalf of SmallCo.300K being the principle and penalties to date-OR just the principle as an incentive.
• SmallCo is now paying a monthly installment- and is compliant and able to move upward.Termed out 300 over 10 years @5.25% is a $3300 monthly installment.
• BIR/NIB collect unpaid taxes and now have SmallCo on their radar.


The loan structure can easily be set up to be low interest, and keep small co inline with incentives to pay off in 3 ,5,7 years-(maybe step up interest rates,rebates for complaint cos ,tax credits)

TaxCo and act as an aggregator of tax/nis liabilities…and securitize it into a series of tradable fixed Income instruments.
The banks/pension funds/UTC et al can buy these instruments into their portfolios.

Liquidity from the banks moves through TaxCo into BIR/NIB and private sector pays back loan.
The liability of un paid taxes has migrated from a low quality, unsecured GORTT liability to a private sector liability , and the private sector pays for it.

BIR/NIB position is improved as they have received payment and TaxCo can now establish compliance management sessions with the small cos. Update all Director/Co information and where possible take collateral.
And having processed the company has a handle on the directors etc in order to keep the co inline.

And here is a kicker.
If SmallCo can afford, they might be able to PREPAY a couple 100k worth of taxes.
NIB needs to get cashed up ASAP to try and stave off insolvency of the fund. The sooner they get money the better.
Prepayment is a great thing.
Maybe additional NIB credits for PREpayment?

The math is interesting too-200k worth of NIB prepayments would give a small company 4-6 months of space,( about 40k per month) at a digestible installment per month. Which is great at this time with the environment as is.

On the Corporate side- TaxCo now has a stream of income, with the ability to have a bond issue or a fund that is rated based on the quality of the repayment streams…So now we have quality based fixed income funds that attract higher than deposit rates-from the paying companies and PAY higher rates to the investors.
FreddieMac and Fannie Mae were doing this in the US mortgage markets, TTMF also does this in the local market for mortgaged


FLAME ON.

I agree.

[Redress10]

What's stopping TT from being an offshore banking hub?

[Redman]

What's stopping TT from being an offshore banking hub?

Disclosure.

[88sins]

The country needs a strong policy for economic development. Other than that this country will continue to go nowhere. This is not about building waterfronts. This is about formulating an economic plan that they country can follow for the next 50 years regardless of who is in office. We can't keep doing the same things over and over and expecting new results. That is insanity.

to many in the developed world, yes.
buh dis eh d developed world. dis trini, so daz a normal scn.

[MaxPower]

I say...

Raise the VAT back to 15%...

Crack the online tax a 9%....

Raise the gas again....

Raise motor tax...ppl still buying like hot hops

Rock this for now, could always raise again next year.

I think its only fair the citizens of T&T stay absolutely quiet and embrace the increases as they are responsible for this, especially the younger generations.

Friends, the time has now come for you all to be held accountable for your actions.

All that means is less people will be spending money at your parlour

Hello Zoom,

How u keeping?

Boi to be honest Trinis does just find the money yes.

Remember the beat up for the gas prices and online tax?

People bump up for 2 days and then lines longggggg AF by the petrol pump. Premium sell out an all.

You feel Trinis taking maxi with no ac? They finding that money even if they have to eat dry crix to pay for the car loan that the bank so wicked to approve just to see them suffer.

Online sales are rampant more than ever. You feel raising online tax going to stop someone who WANT that Jordans?

Imbert will have his way and he will lay the pipe......and you Trinis will take it, ra ra ra ra and then back to normal.

Trinis ass happy bro.

[matr1x]

I don't see the devaluation unless its to curb individual online credit card purchases. Devaluation mostly gives purchasing power to external markets and our major exports are from private owned companies. That wont benefit the treasury. What I think will happen is a continued ease of subsidies mainly with electricity and water just as they did with gas. They also need to implement the revenue authority and enforce tax payments by self employed individuals. The last figure Imbert gave was about 40% of persons not paying their taxes. Limited liability companies are also operating under their tax brackets by not claiming cash transactions and of course with a under staffed IRD they know they not getting audited. Doctors, lawyers, accountants, and other persons who provide skilled services also do not pay their fare share. If we all pay our fair share of taxes and not take it from the public sector and higher paid private sector workers then we will need less grease for the coming years.

where you get this idea from boy? I'll have you know, individual professionals pay more than what people consider "their fair share", and are some of the heaier taxed earned in this country. Remember, they paying VAT & other taxes, same as the person earning below the 72K PAYE exemption bracket, and on top of that they paying PAYE of 25% on their earnings over 72K that those making less than under 72K DON'T pay.
Look some perspective, in some q&d real life math

An accountant making $10K/m (most make nowhere near that mind you eh, more like 7-8K, some as low as 4.5K)
10000-salary
-400 NIS
-33 H/S
-1000 PAYE
=8567

Considering if the company he working for has a group medical insurance they deducting a 250-300 for that, so say he ends up with a net 8267 take home (don't worry he go lose more to the tax man because he paying VAT on all he buying just like the small man that DOESN"T pay PAYE). So say for arguments sake (& the sake of speed & averaging) he pays VAT on everything he buys, that's 8267-12.5% = another 1033 in taxes he pays for the month, he ends up with about with a working value of $7234. That's it. more than 25% of the value of his earnings for the month, gone, and the only thing he gets for it is a lil peace of mind from knowing he has some health insurance.
now, for fassness sake lewwe say he have a mortgage to pay & a house to maintain, a kid to send to school-clothe-etc, a car loan & to maintain said vehicle, & that he likes silly little things electricity, food, water, a little internet, cable tv, and other living expenses, yuh still find he not paying his "fair share"? you want somebody to put your nutz in a vice like that?


If they want someone to tax, they should start looking hard at the banking & insurance industry. Hundreds of millions in net profits made per annum by each bank & chicken feed in taxes being paid, tax those profits, because shareholders not getting any significant amount of those profits to pay tax on it.

He right though. Is an old trick. Paying cash makes it super easy to hide money from taxes. No papertrail

[Redress10]

What's stopping TT from being an offshore banking hub?

Disclosure.

Fatca etc?

[Redman]

If you look at any offshore jurisdiction of quality, the onshore economy is modern and transparent.

We don't want that.


We might need it, but we don't want it.

From doubles men not wanting to be taxed, to the strong distorted lobby to continue opaque land management...

[shake d livin wake d dead]

I don't see the devaluation unless its to curb individual online credit card purchases. Devaluation mostly gives purchasing power to external markets and our major exports are from private owned companies. That wont benefit the treasury. What I think will happen is a continued ease of subsidies mainly with electricity and water just as they did with gas. They also need to implement the revenue authority and enforce tax payments by self employed individuals. The last figure Imbert gave was about 40% of persons not paying their taxes. Limited liability companies are also operating under their tax brackets by not claiming cash transactions and of course with a under staffed IRD they know they not getting audited. Doctors, lawyers, accountants, and other persons who provide skilled services also do not pay their fare share. If we all pay our fair share of taxes and not take it from the public sector and higher paid private sector workers then we will need less grease for the coming years.

where you get this idea from boy? I'll have you know, individual professionals pay more than what people consider "their fair share", and are some of the heaier taxed earned in this country. Remember, they paying VAT & other taxes, same as the person earning below the 72K PAYE exemption bracket, and on top of that they paying PAYE of 25% on their earnings over 72K that those making less than under 72K DON'T pay.
Look some perspective, in some q&d real life math

An accountant making $10K/m (most make nowhere near that mind you eh, more like 7-8K, some as low as 4.5K)
10000-salary
-400 NIS
-33 H/S
-1000 PAYE
=8567

Considering if the company he working for has a group medical insurance they deducting a 250-300 for that, so say he ends up with a net 8267 take home (don't worry he go lose more to the tax man because he paying VAT on all he buying just like the small man that DOESN"T pay PAYE). So say for arguments sake (& the sake of speed & averaging) he pays VAT on everything he buys, that's 8267-12.5% = another 1033 in taxes he pays for the month, he ends up with about with a working value of $7234. That's it. more than 25% of the value of his earnings for the month, gone, and the only thing he gets for it is a lil peace of mind from knowing he has some health insurance.
now, for fassness sake lewwe say he have a mortgage to pay & a house to maintain, a kid to send to school-clothe-etc, a car loan & to maintain said vehicle, & that he likes silly little things electricity, food, water, a little internet, cable tv, and other living expenses, yuh still find he not paying his "fair share"? you want somebody to put your nutz in a vice like that?


If they want someone to tax, they should start looking hard at the banking & insurance industry. Hundreds of millions in net profits made per annum by each bank & chicken feed in taxes being paid, tax those profits, because shareholders not getting any significant amount of those profits to pay tax on it.

He right though. Is an old trick. Paying cash makes it super easy to hide money from taxes. No papertrail

I know a particular dentist with a few practices clocking 120k + per month in profit...he pays NIS and declared his salary @ 6k a month. How they dealing with that?

Doh even start on the taxes

[matr1x]

Corruption via pnm comes in discount for their financiers. And their financier friends give them cleaned money

[elec2020]

^ lol the system broken. I have a partner whose parents own an apartment building. He doing everything for the building. Collecting rent, repairs, etc. The only reason why the building ain't in his name is because if they transfer it now they will have to pay tax. But if it in the will no tax. How the government catching these set of trickidadians.

[zoom rader]

Begin privatizing secondary school education

Do that and we back to pre 1962.

That means PNM chrien will be at a great disadvantage.

Since when you care about PNM chrien??????

Cause we can't all of dem turn out be bandits.

Some are still needed to mix concrete and wash cars

He not even trying to hide thae hate and discrimination anymore. The post-elections pain strong.

You a newbee here so just chill.

Remember you got banned already.

Tuner mafia is powerful , be careful bro

[elec2020]

Ok zr

[zoom rader]

I don't see the devaluation unless its to curb individual online credit card purchases. Devaluation mostly gives purchasing power to external markets and our major exports are from private owned companies. That wont benefit the treasury. What I think will happen is a continued ease of subsidies mainly with electricity and water just as they did with gas. They also need to implement the revenue authority and enforce tax payments by self employed individuals. The last figure Imbert gave was about 40% of persons not paying their taxes. Limited liability companies are also operating under their tax brackets by not claiming cash transactions and of course with a under staffed IRD they know they not getting audited. Doctors, lawyers, accountants, and other persons who provide skilled services also do not pay their fare share. If we all pay our fair share of taxes and not take it from the public sector and higher paid private sector workers then we will need less grease for the coming years.

where you get this idea from boy? I'll have you know, individual professionals pay more than what people consider "their fair share", and are some of the heaier taxed earned in this country. Remember, they paying VAT & other taxes, same as the person earning below the 72K PAYE exemption bracket, and on top of that they paying PAYE of 25% on their earnings over 72K that those making less than under 72K DON'T pay.
Look some perspective, in some q&d real life math

An accountant making $10K/m (most make nowhere near that mind you eh, more like 7-8K, some as low as 4.5K)
10000-salary
-400 NIS
-33 H/S
-1000 PAYE
=8567

Considering if the company he working for has a group medical insurance they deducting a 250-300 for that, so say he ends up with a net 8267 take home (don't worry he go lose more to the tax man because he paying VAT on all he buying just like the small man that DOESN"T pay PAYE). So say for arguments sake (& the sake of speed & averaging) he pays VAT on everything he buys, that's 8267-12.5% = another 1033 in taxes he pays for the month, he ends up with about with a working value of $7234. That's it. more than 25% of the value of his earnings for the month, gone, and the only thing he gets for it is a lil peace of mind from knowing he has some health insurance.
now, for fassness sake lewwe say he have a mortgage to pay & a house to maintain, a kid to send to school-clothe-etc, a car loan & to maintain said vehicle, & that he likes silly little things electricity, food, water, a little internet, cable tv, and other living expenses, yuh still find he not paying his "fair share"? you want somebody to put your nutz in a vice like that?


If they want someone to tax, they should start looking hard at the banking & insurance industry. Hundreds of millions in net profits made per annum by each bank & chicken feed in taxes being paid, tax those profits, because shareholders not getting any significant amount of those profits to pay tax on it.

He right though. Is an old trick. Paying cash makes it super easy to hide money from taxes. No papertrail

I know a particular dentist with a few practices clocking 120k + per month in profit...he pays NIS and declared his salary @ 6k a month. How they dealing with that?

Doh even start on the taxes

He is running his office as a bussiness, where he is the director of that bussiness and he pays himself a salary.

He will have to pay corporate taxes as well. It is totally legal and that is how a registered bussiness operates.

He gets 72k a year , so he pays no income tax but he has to pay corporate taxes on bussines income earned.

I did this when I was working in the UK as the sole shareholder in my own company. I paid like 20% corperate tax on my declared profits. Plus I paid myself below the tax limit and paid 0% taxes on £11800

Once you pay corporate tax, the profits goes to the share holder/owner.

[Les Bain]

As you talking about building waterfronts, remember the Chinese ghost cities anytime the Government gushing about the Chinese putting up a vanity structure for our country's development.



They like them tiny builders from Fraggle Rock.

[88sins]

I don't see the devaluation unless its to curb individual online credit card purchases. Devaluation mostly gives purchasing power to external markets and our major exports are from private owned companies. That wont benefit the treasury. What I think will happen is a continued ease of subsidies mainly with electricity and water just as they did with gas. They also need to implement the revenue authority and enforce tax payments by self employed individuals. The last figure Imbert gave was about 40% of persons not paying their taxes. Limited liability companies are also operating under their tax brackets by not claiming cash transactions and of course with a under staffed IRD they know they not getting audited. Doctors, lawyers, accountants, and other persons who provide skilled services also do not pay their fare share. If we all pay our fair share of taxes and not take it from the public sector and higher paid private sector workers then we will need less grease for the coming years.

where you get this idea from boy? I'll have you know, individual professionals pay more than what people consider "their fair share", and are some of the heaier taxed earned in this country. Remember, they paying VAT & other taxes, same as the person earning below the 72K PAYE exemption bracket, and on top of that they paying PAYE of 25% on their earnings over 72K that those making less than under 72K DON'T pay.
Look some perspective, in some q&d real life math

An accountant making $10K/m (most make nowhere near that mind you eh, more like 7-8K, some as low as 4.5K)
10000-salary
-400 NIS
-33 H/S
-1000 PAYE
=8567

Considering if the company he working for has a group medical insurance they deducting a 250-300 for that, so say he ends up with a net 8267 take home (don't worry he go lose more to the tax man because he paying VAT on all he buying just like the small man that DOESN"T pay PAYE). So say for arguments sake (& the sake of speed & averaging) he pays VAT on everything he buys, that's 8267-12.5% = another 1033 in taxes he pays for the month, he ends up with about with a working value of $7234. That's it. more than 25% of the value of his earnings for the month, gone, and the only thing he gets for it is a lil peace of mind from knowing he has some health insurance.
now, for fassness sake lewwe say he have a mortgage to pay & a house to maintain, a kid to send to school-clothe-etc, a car loan & to maintain said vehicle, & that he likes silly little things electricity, food, water, a little internet, cable tv, and other living expenses, yuh still find he not paying his "fair share"? you want somebody to put your nutz in a vice like that?


If they want someone to tax, they should start looking hard at the banking & insurance industry. Hundreds of millions in net profits made per annum by each bank & chicken feed in taxes being paid, tax those profits, because shareholders not getting any significant amount of those profits to pay tax on it.

He right though. Is an old trick. Paying cash makes it super easy to hide money from taxes. No papertrail

I know a particular dentist with a few practices clocking 120k + per month in profit...he pays NIS and declared his salary @ 6k a month. How they dealing with that?

Doh even start on the taxes

Yes, cash payments make it easy to hide income and avoid taxes, but it's not without its risks.
For example, it's an offense to keep over a certain amount of cash. So if one is found it to be doing this that money can be seized and you must then prove how you got it. It also increases the risk of being robbed cuz you can't deposit it, and if you do manage to deposit it without being flagged your bank statement can be used to verify your annual income and you will have to pay taxes accordingly.

Our tax problems here are primarily due to multiple issues. Dishonesty, greed, unwillingness to pay taxes because the money you paying gets you nothing, etc. But these are problems that can easily be solved by proper and efficient enforcement. That's our real problem. We known for failing or refusing to enforce laws, and when we do it is done very selectively. There's measures that can be taken to ensure that people pay the relevant taxes on income, but the problem is if they are implemented they will not only affect John Public, they will open up certain people in public office to scrutiny, people that would really prefer the public remain not knowing exactly what they have and more importantly how they got it.

[Redman]

Groceries run off the books registers.
Get auditors like Chanka to run your books, file small taxes get stamped and then pull the file from BIR.

We all know the No bill sales that every hardware loves.

@ZR
Your scenario is the racket itself....without making any accusations ..if you were living on the 11800 and it was the only compensation/benefit you as an individual received then fine.

But declared profits include expenses like vehicles,office rental....possibly the office was at home, consumables like food,electricity, electronic devices....etc etc.
In the uk you would have clear rules and the posssibility of audit is real.

Not here
So the end result is that the local oversite is zero...and MANY people here are taking a small salary but receiving benefits in kind that are likely to increase taxable income.

Evasion is the rule here

[De Dragon]

Fully agree Qdevil.

But this is Trinidad.
It’s our god given right not to pay our fair share.

So the solution is to tax the law abiding tax payer more? More PNM logic.
Then again, when you have special interests and friends, financiers and family benefiting most from the current arrangements of tax avoidance, what else is to be expected?