Tax amnesty – 2023
As a business owner it’s difficult at times keeping up with current trends and tax updates which is why you must always take advantage of the tax amnesty period when it comes around.
What is Tax Amnesty?
Tax amnesty allows taxpayers to voluntarily disclose and pay tax owing in exchange for avoiding tax evasion penalties. It is a limited-time opportunity for a specified group of taxpayers to pay a defined amount, in exchange for forgiveness of a tax liability relating to previous tax periods.
The benefits of a Tax Amnesty
The benefits of using amnesty may include avoiding expensive financial debts.
In other words if you owe the government $150,000 for the past 3 years, during this period you’re given the opportunity to pay this set principle amount without any interests or penalties.
The Amnesty we are currently under
We’re currently observing two amnesties:
1. Tax Amnesty – Applies to all tax payers inclusive sole traders, LLC and partnerships
2. 2. Company Registry Amnesty – This applies to Limited Liability Companies, and they can bring up to date their post incorporation documents such as annual returns and beneficial interest forms without paying any late penalties.
Tax Amnesty Period
The 2023 amnesty period started 14th November 2022 to 19th February March May June 2023.
What happens if I don’t pay my outstanding taxes during this amnesty period?
The taxpayer is required to file a tax return with the BIR by a set time frame following the end of the fiscal period.
An automatic six month grace period is allowed following a penalty imposed of $1000TTD for Companies and $100 for Sole Proprietor for every six months or part thereof that the return remains unfiled.
The interest is accumulated at 20% per filing year by the number of years owed to the government.
Don’t get caught paying late fees and penalties, take advantage of the tax amnesty period provided by the government of Trinidad and Tobago. Contact us today to get your taxes filed and up to date. Call 1 868 293-1508 or email firstname.lastname@example.org .
Remember : “Robley Baynes takes your stress away whilst you focus on your passion!”