The Minister of Finance, Hon. Colm Imbert, MP, wishes to advise that the tax amnesty has been extended to May 19, 2023, to give businesses and individuals more time to prepare their financial statements and finalize the necessary documentation to submit their tax returns and pay the taxes due for the year of income 2021 and prior years.

To date, the original target of $500 million from the amnesty has been exceeded, which has assisted the Government’s cash flow to a significant extent, especially during a time of declining oil and gas prices.

In the framework of the ‘Project for the Control of Transfer Pricing Operations in Trinidad and Tobago’, funded by the Development Bank of Latin America (CAF), a CIAT team visited the Ministry of Finance of Trinidad & Tobago and its Inland Revenue Division (IRD) during the period March 2-5, 2023; with the aim to formulate a diagnostic on the capacity of the tax administration, define the country’s economic profile and the expectations of the authorities. Now, there is an opportunity for the Ministry of Finance, CAF and CIAT to create an innovative transfer pricing regime, in keeping with the Arm´s Length Principle, and tailored to the particular context of Trinidad & Tobago.

The Ministry of Finance invites all relevant members of the public to take advantage of Tax Amnesty 2021 and avoid corresponding penalties and interest for outstanding taxes.
Tax Amnesty 2021 runs from July 5th, 2021 to Friday October 15th, 2021.

To learn more about Tax Amnesty 2021, including how to file and make payments, visit the IRD’s website at https://www.ird.gov.tt/taxamnesty/2021

Tax Amnesty 2021 Frequently Asked Questions

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