Tax amnesty until Sept 16 2016

[Duane 3NE 2NR]

A tax amnesty will be in force until September 16 to allow taxpayers and businesspeople to pay outstanding taxes from previous years, Finance Minister Colm Imbert announced yesterday.

He also announced that the increase in NIS contribution, which was scheduled to have started this month, will also be deferred to September 5.

He detailed the developments yesterday in Parliament in presenting a bill for the variation of certain duties and taxes. This involved follow-ups on matters announced in the 2016 Budget and the April mid-year review.

On the tax amnesty, Imbert said some entities were taking legal action on tax issues and in the present situation, it was necessary to give taxpayers an opportunity to file returns and bring taxes up to date for Government to collect what is outstanding.

He noted former People’s Partnership finance minister Winston Dookeran had implemented a tax amnesty in 2011 and raised about $1.8 billion then.

Imbert said he was extending the deadline of tax payments and similar transactions from August 31 to September 16. This will apply to income tax payments, corporation tax, Business Levy and Green Fund levy payments, VAT collections, petroleum tax, as well as annual company returns.

He said returns could be filed for previous years up to 2015. Government will also waive all interest on outstanding returns once they are paid by September.

Among a list of penalty/interest and other waivers are interest charges on payments prior to July 1 regarding any tax, Business Levy or Green Fund levy due for payment at December 2015. Imbert said it was estimated the amnesty could raise about $500 million.

Imbert warned that once September 16 passes, all penalties would be revived.

“All those business people and individuals, please pay off outstanding returns by September 16, as well as finalise company returns by that date. This amnesty is to give citizens the opportunity to honour their tax obligations to the State without penalties and interest accrued over the years. But after September 16 the State will use the full extent of its authority to ensure compliance.”

In giving examples of some situations, Imbert said some non-governmental groups owed penalties of over $20,000 and some religious organisations had indicated they did not know they had to file returns.

On the NIS contribution increase announced in the Budget to apply from July 4, Imbert said that would be postponed to September 5.

In the Budget statement proposal, stemming from the latest NIS actuarial review which Government has accepted, it was expected NIS contribution rates and maximum insurable earnings (MIE) would increase from July 4.

The contribution rate was expected to increase from 12 per cent to 13.2 per cent and the MIE from $12,000 to $13,600.

The increase in the MIE projected an equivalent increase of 13.5 per cent in all contribution classes of insured people.

But Imbert said the NIB needed time to consult employers, employees and other stakeholders and the matter was on hold until September.

http://www2.guardian.co.tt/news/2016-07 ... il-sept-16

[Dave]

That spells nightmare for some of us!

[TriP]

Monday, July 11, 2016

Minister: File your taxes to avoid heavy hand of law

PNM Senator Franklyn Khan is warning citizens to file outstanding returns and pay outstanding taxes in order to avoid the heavy hand of the law.

The warning from Khan came through Labour Minister Jennifer Baptiste-Primus who read his contribution to the Finance (No 2) 2016 Bill in the Senate last week. She said Khan was not able to be present.

Reminding the Upper House of the amnesty given citizens between July and September when they can pay outstanding taxes, she said the Government expects to generate $500 million from uncollected revenues.

This source of revenue, she said, is needed by the Government to deal with the economic challenges facing T&T since the decline in oil prices. At the same time, the Government’s fiscal measures will enhance the sense of responsibility and duty of citizens towards tax payments.

In a separate matter, she said the Finance Bill will also make provision for tax exemptions for contractors providing services to visiting US military forces through the amendment of the Visiting Forces Act.

Major amendments will also be made to the Motor Vehicle and Road Traffic Act to provide tax incentives to CNG station owners. This will help to reduce the carbon footprints in T&T, she said.

Baptiste-Primus said the Government is committed to creating a green environment in T&T and will provide more green spaces to allow citizens to reconnect them with nature.

The Government is also committed to reducing public transport emissions and hopes to see results by December 2030. Amendments will be made to the Customs Act to encourage citizens to purchase more energy efficient vehicles like new and used electric and hybrid vehicles.

Opposition Senator Gerald Hadeed, however, was very concerned with tax exemptions being given to contractors to US military forces. Hadeed said he was dissatisfied with the manner in which the Finance Bill was thrust on the Opposition without giving them sufficient time to study it.

Hadeed said the first Status of Forces Agreement (SOFA) between T&T and the US was signed in 2009 and the second in 2013. He said the second agreement expired in December 2015 and since then he has seen no new agreement, search as hard as he might.

http://www.guardian.co.tt/news/2016-07- ... y-hand-law

[DVSTT]

That spells nightmare for some of us!

Why?

[The Raven]

Great is the

[Redman]

That spells nightmare for some of us!

Why?

Because
Real people and companies are behind on taxes.
Plenty companies are behind on their filing-I have 2 companies that I formed but the project died...so they were dormant.
I wanted to use them this year...just in company returns and penalties it would have cost 50 k to update.
Plus tax filings.

So with the warning ....many will snap up the opp.

plus the covering of tracks from the UN....uh the wrong doers

[Dave]

Clients who had companies and never did anything with them will bring them in for accounts to be done and taxes filed!

[trinihub]

What happens if I have a business that was registered as a sole trader and never was functional? How do I treat with taxes for such?

[Dave]

File nil returns

[trinihub]

Can you send me a sample of how one is done?

[ganeshlalchan]

Who does do these tax returns/documents for ppl and what are your charges?

[lipstick war]

How do you close down a business as a sole trader that was never functional with inland revenue.

[cherrypopper]

A business can be De registered but the bir used is active in inland revenue.

[RedVEVO]

" FINANCE Minister Colm Imbert on Friday announced a tax amnesty for all taxes, once returns are filed from July 5-September 17. It is the Government’s fourth amnesty, he said. "


https://newsday.co.tt/2021/07/03/imbert ... tember-17/

[RedVEVO]

^^

Who are the people who will respond to this venture after almost 2 years of no business ?

[Dave]

Amnesties help clear up backlog when new authorities are in the making.

[elec2020]

amnesties are to try to get more tax avoiders on the payroll. Jokes on them as it seems as all tax refunds are on hold. YAY.

[RedVEVO]

amnesties are to try to get more tax avoiders on the payroll. Jokes on them as it seems as all tax refunds are on hold. YAY.

Got to agree .. Very funny

Now if someone avoids tax and all of sudden appears to clean up tax - that person on "payroll" forever !!