More of Revenue Authority Act in effect from May 1

THE PRESIDENT has issued a proclamation to allow certain sections of the Trinidad and Tobago Revenue Authority (TTRA) Act 2021 to become law on May 1.

The issuance of this proclamation was outlined in Legal Notice 105, dated April 24. President Christine Kangaloo signed it at her office in St Ann's on April 14.

The act establishes the TTRA to replace the Board of Inland Revenue and the Customs and Excise Division.

The TTRA's functions include the assessment and collection of taxes under the revenue laws, administration of the revenue laws, enforcement of the revenue laws; enforcement of border control measures subject to any other written law and the provision of revenue collection services to any statutory or other body to collect public monies.

On May 1, Kangaloo said said sections 14(3), 14 (4), 18, 19, 20, 21, 22 and 23 (3) (d) of the act will come into effect.

Sections 14 (3) and (4), relate to appointments to the post of director-general of the authority.

Section 18 allows members of the public service the option of joining the TTRA.

Section 19 prreserves any superannuation benefits accrued to public service workers who transfer to the TTRA at the date of their employment with the authority.

Superannuation is money set aside by people while they are working to support their financial needs in retirement.

Sections 20, 21,22 and 23 (3) (d) deal with the creation of a pension fund plan at the TTRA.

The act arose from the TTRA 2021 bill, which was first laid in the Senate on September 10, 2021.

It was passed in the Senate on September 17, 2021 and in the House of Representatives on December 17, 2021. Former president Paula-Mae Weekes assented to the bill on December 23, 2021 and it became an act.

In legal notice 60, dated March 15, 2022, Weekes announced the partial proclamation of some sections of the act.

Kangaloo assumed office on March 20 this year.

In a statement in the House on February 24, Finance Minister Colm Imbert said the partial proclamation of the act on March 15, 2022, allowed for the appointment of the TTRA's board of management, recruitment of staff and and other matters.

The authority's board, he continued, was appointed in June 2022 in accordance with section 30 of the act.

Imbert said last December, "The board submitted the TTRA’s first three-year strategic plan for the period 2023-2025; inclusive of a three-year roadmap and detailed operational plan for year one."