Long queues on last day of tax amnesty

LONG queues of taxpayers were seen outside the Inland Revenue Division tower at Government Campus Plaza, Port of Spain on Friday as the tax amnesty was due to end.

The Government set the amnesty period for July 5-September 17.

About two weeks ago Newsday also spotted a queue of 23 taxpayers at the Tunapuna District Revenue Office at the Tunapuna Administrative Complex.

The amnesty allowed the waiver of penalties and interest owed by taxpayers on a host of tax liabilities, under Act No 10 of 2021.

These include individual income tax, pay-as-you-earn (PAYE), health surcharge, corporation tax, business levy, Green Fund levy, value added tax (VAT), petroleum profits tax, supplemental petroleum tax, unemployment levy, stamp duty, property tax (Under the Lands and Buildings Taxes and Municipal Corporations Taxes Act), club gaming tax, gaming amusement tax and withholding tax.

The amnesty covers taxes up to year-end 2020 plus those now due for 2021 up to May 31.

Last July, Minister of Public Administration, Allyson West, a tax expert in her previous career, told the Senate that the waivers were nothing to be sneezed at.

She said late income-tax payments attract an interest penalty of 20 per cent, late PAYE 25 per cent and late VAT eight per cent as an initial penalty, plus two per cent per month.

While the tax return form was to be filled out and submitted online, taxpayers had to print out the last page to personally sign and physically take to a tax office, along with any payment to be made, all apparently resulting in the long lines.