As we approach the end of the year, the Ministry of Finance is issuing a gentle reminder that the 2024 Tax Amnesty is currently in effect, with just about a week left to take advantage of this opportunity. The Inland Revenue Division (IRD) under the ministry is urging the public to make use of this amnesty before it expires on December 31.
Here are some key points to consider regarding the 2024 Tax Amnesty:
- The amnesty includes a waiver on penalties and interests for a range of taxes, such as:
- Individual income tax
- PAYE
- Health Surcharge
- Corporation Tax
- Business Levy
- Value Added Tax
- Stamp Duty
- Property Tax
- Club Gaming Tax
- Insurance Premium Tax, and others.
The IRD has outlined two options for filing taxes:
1. Making a payment:
– To make a payment, individuals will need to generate a payment description slip through the IRD’s e-Tax platform.
– Online payments ranging from $100,000 to $499,999 can be made via ACH, while payments over $500,000 can be processed through the Central Bank of Trinidad and Tobago using safeTT.
– Property Tax payments can also be completed online through Republic Bank Limited and First Citizens Bank.
- In-person payments:
- Cash, cheques, or LINX payments can be made at any Inland Revenue Division offices.
It is crucial for taxpayers to take advantage of this opportunity to avoid penalties and interests on overdue taxes. By utilizing the e-Tax platform and exploring the various payment options available, individuals can streamline the process and ensure compliance with tax regulations.
In conclusion, the 2024 Tax Amnesty presents a beneficial opportunity for taxpayers to settle their dues without incurring additional financial burdens. Act now and make use of the resources provided by the IRD to facilitate a smooth and hassle-free tax payment process before the deadline passes.
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