Trinidad & Tobago – A tax amnesty is on the way

A tax amnesty was announced in the Trinidad and Tobago’s 2025 Budget presentation read by the Minister of Finance on 30 September 2024. While the relevant legal notice has not yet been issued, the proposed changes are expected to provide for a waiver of certain liabilities (interest and penalties), where outstanding returns are filed, and outstanding taxes are remitted to the Inland Revenue Division by 31 December 2024.

It is expected that, as in the past, the amnesty will cover taxes administered under the Income Tax Act, Value Added Tax Act, Stamp Duties Act, Property Taxes Act up to and including the year ending 31 December 2022 at least. It is unclear at this time whether 2023 will be covered, as the applicable period(s), specific waivers, all legislation and other necessary particulars covered by the amnesty will be determined by the relevant legal notice.