Minister: Pay back taxes before revenue authority comes

MINISTER in the Ministry of Finance Allyson West urged people to pay their back taxes to the Inland Revenue Division (IRD) during the ongoing three-month amnesty, before the coming into being of the more effective TT Revenue Authority (TTRA).

The amnesty, from June 15-September 15, grants a waiver of penalties and interest charges on taxes owed.

“We are hoping to bring the Revenue Authority into being fairly soon, to be a more efficient body,” she said, talking to Newsday yesterday.

“So this amnesty is people’s last chance to get compliant before enforcement resumes under the new law and the more efficient Revenue Authority comes into effect.”

In May a bill to create the TTRA was laid in the House of Representatives, which last Wednesday debated a report on the authorityby a parliamentary committee. The TTRA will replace the Board of Inland Revenue (BIR) and Customs and Excise Division.

Newsday recently saw a large box marked "amnesty" at the ground floor of the IRD at Government Campus Plaza, off Wrightson Road, Port of Spain, which West confirmed had been relocated from Trinidad House, Port of Spain.

West had not got any update from the BIR on how the general public is responding to the amnesty.

“But I know that before the bill was laid, the minister (Finance Minister Colm Imbert) had announced it was coming and people had started raising questions and said they want to be compliant.

“Traditionally, however," she added, "people wait until closer to the end of the amnesty period to get really active about settling their affairs.”

West said the BIR now has its main office at the plaza, but also has district revenues offices across the country.

Newsday asked about the parameters to the amnesty, such as how far back one could go.

“It is for all outstanding liabilities and all outstanding tax returns," West replied. "Once you do it in that period, any penalties and interest that would otherwise be due is automatically waived.”

Newsday asked what types of tax the amnesty applied to.

“This particular amnesty is more extensive than the ones in the past, so it covers the four major categories: income tax, corporate tax, stamp duty on properties and land and building tax owed pre-2010. VAT as well.”

West stood by Imbert’s projection of the amnesty netting $500 million.