Taxpayer Relations Section Visit our website at www.ird.gov.tt

Document Sample
Taxpayer Relations Section Visit our website at www.ird.gov.tt Powered By Docstoc
					Finance Act 30 of 2007 provides for an amnesty in respect of late filing penalties on Income Tax,
Corporation Tax and Value Added Tax returns as well as on interest and penalties due on the payment
of the following taxes:

    •   Income Tax
            o Including (Paye As You Earn (PAYE) and Withholding Tax)
    •   Corporation Tax
    •   Further Tax
    •   Additional Tax     Relating to Income and Corporation Tax.
    •   Business Levy
    •   Green Fund Levy
    •   Health Surcharge
    •   Value Added Tax
    •   Lands and Buildings Taxes

The following liabilities will be waived under the amnesty:

-   Outstanding interest and penalty on the above taxes/levy which were due and payable for 2006 and
    prior years of income, and in the case of VAT and Lands and Buildings Taxes which were due and
    payable by 31st December 2006, where such taxes/levy were paid prior to 21st August 2007.

-   Interest and Penalties due on outstanding taxes/levy which were due and payable for 2006 and
    prior years of income, and in the case of VAT and Lands and Buildings Taxes which were due by
    31st December 2006, where such taxes/levy are paid during the period 21st August 2007 to 30th April
    2008.

-   Outstanding late filing penalty for Income and Corporation Tax Returns for 2006 and prior years of
    income and in the case of VAT returns due for periods up to 31st December 2006, where such
    returns were filed prior to 21st August 2007.

-   Late filing penalty due on outstanding Income and Corporation Tax Returns for 2006 and prior
    years of income, and, in the case of vat for returns due for the periods up to 31st December 2006,
    where such returns are filed during the period 21st August 2007 to 30th April 2008.

Taxes/levy not paid by 30th April 2008 will attract the original penalties which were due and interest at
the rate of 20% from the original due dates.

Penalties on outstanding returns not filed by 30th April 2008 will also be computed by reference to their
original due dates.




                For more information call 623-2981 Ext. 321, 323-326 or 623-1130

                                    Taxpayer Relations Section
                                        Visit our website at
                                          www.ird.gov.tt