VAT bond application form available online

People registered for value added tax (VAT) can now apply for outstanding refund payments via special VAT bonds, the Board of Inland Revenue announced Wednesday.

In a release via the Ministry of Finance, its line ministry, the BIR said applicants can find forms on its website, www.ird.gov.tt. Forms must be completed online, before downloading for signature. They must then be scanned and e-mailed back to VATBonds@ird.gov.tt.

To complete the form, applicants will need to have their VAT account number, BIR file number, and letter ID number (found on any letter sent by the Inland Revenue Division over the last twelve months). They must also be able to indicate on their applications, the period for which these bond payments are requested, as well as the name, account type and account number of the applicant’s financial institution. The BIR noted that this was a requirement of the Central Bank to facilitate the deposit of interest payments into accounts.

Inland Revenue’s usual criteria will continue to apply in processing these applications. This means that at the time of the request, applicants must ensure that all VAT returns are filed; liabilities have been cleared for all tax types and that applications relate to VAT filing periods that are prior to the year 2020. Any liabilities that remain outstanding, at this time, will be deducted from the amount due, before bonds are issued.

A single bond will be issued for each VAT period that a refund is applicable. These bonds will be rounded down to the nearest thousand-dollar value and any remaining balance will be issued via cheques.

Once the bonds have been processed, applicants will be contacted by telephone and notified of the scheduled date for collection. Bonds will be delivered to applicants or their representatives, upon presentation of the identification indicated on their application forms or a letter indicating the name and ID of the person authorised to collect. The applicant’s ID, as stated on the application form, must also be included in the letter.

For further information, visit the IRD’s website at www.ird.gov.tt/VAT/VAT-Bonds-2020.