House gives year-end tax waiver

THE House of Representatives agreed to give a waiver until December 31 for penalties and interest on sums owed under the Registration of Clubs Act, National Insurance Act, Income Tax Act, Value Added Tax Act, Stamp Duty Act, and the Property Tax Act.

Finance Minister Colm Imbert piloted the Finance Bill 2024. He said in this current amnesty, the Government expected to collect $1.5 billion from 20,000 people/businesses.

Imbert announced that for six months, the Government would pay any service charge payable to FCB incurred by people using FCB to pay their property tax bill.

He said a prior extension until December 20 to pay property tax will now be extended by the bill until December 31.

Imbert said this was the last opportunity for people to pay taxes owed on gaming machines – payable under the Registration of Clubs Act – before new gaming legislation takes effect. He recalled granting a 42 per cent tax break on gambling taxes due to a lack of such business owing to the covid19 pandemic.

Imbert pointed out the hardships felt by micro, small and medium businesses in trying to tender for work under new procurement legislation, saying a prerequisite for their registration was tax and national insurance clearance. He urged all entities to use the amnesty as an opportunity to get these clearances.

He said the waiver was "for all years, all the way back."

Oroupouche East MP Davendranath Tancoo complained that the Government's amnesty was seemingly rewarding wrongdoers.

He said those companies owing the Government VAT had already raked in these sums from each sale made to customers and so should pay it onward.

Tancoo challenged the Government to state how many state agencies owed money to the National Insurance Board.

Opposition Leader Kamla Persad-Bissessar strenuously objected to the bill giving Imbert the power to renew the amnesty.

Imbert, in his wind-up, accused the Opposition of "bluff, old talk and a torrent of political hypocrisy."

He dared the Opposition to vote against the bill, which the House then passed without any objection.