Dhanpaul extends tax amnesty to May 2

FINANCE Minister Vishnu Dhanpaul said the tax and national insurance amnesty that was supposed to end on March 31 has been extended until after the April 28 general election.

He has advised the population that the amnesty introduced by the Finance Act 2024 (which took effect from October 1- December 31, 2024) has been extended to May 2.

He did so in a statement issued by the ministry on March 28.

Dhanpaul said this extension is covered by legal notices 110,112, 113, 114 and 115 which were issued on the same day.

"The public is reminded that the tax amnesty covers penalties and interest in relation to the following taxes up to the year of income ending December 31, 2023- individual income tax, gaming amusement tax, pay-as-you earn (PAYE), withholding tax, health surcharge, hotel accommodation tax, corporation tax, club gaming tax, business levy, insurance premium tax, Green Fund Levy, tax on financial services, value added tax (VAT), petroleum profits tax (PPT), supplemental petroleum tax (SPT), unemployment Levy and stamp duty."

In the case of property tax, he continued, the tax amnesty covers penalties and interest up to December 31, 2024.

"Further, the National Insurance Amnesty covers all interest and penalties outstanding on contributions prior to October 1, 2024 and applies only to employers registered with the National Insurance Board prior to October 1, 2024."

Dhanpaul said, "Where a taxpayer/employer fails to pay his outstanding tax/contributions during the tax and national insurance amnesty, the penalties and interest which would have been payable in respect of the failure to pay the tax/contributions shall be revived and become payable as if the waiver had not been granted."

In a statement on January 31, then finance minister Colm Imbert announced the extension of this amnesty to March 31.

Dhanpaul, a former High Commissioner to the UK and former finance ministry permanent secretary, replaced Imbert as finance minister in a Cabinet reshuffle on March 17.

Imbert was appointed public utilities minister.

On March 17, Port of Spain North/St Ann's West MP Stuart Young was sworn in as prime minister.

Young succeeded Diego Martin West MP Dr Keith Rowley, who resigned as prime minister on March 16. On March 18, Young advised President Christine Kangaloo to dissolve the Parliament and announced April 28 as election day.

Nomination day is April 4.