The tax amnesty and NIS amnesty have been extended to March 31st 2025.

This announcement came today from Finance Minister Colm Imbert, who also revealed that as of January 27th 2025, the Tax Amnesty had raised $2.38 billion in revenue.

It is now on par with the 2019 tax amnesty, which was the most successful tax amnesty in T&T’s history.

Given the extension, it will now likely exceed the collections of 2019.

Mr Imbert says is was necessary to extend the amnesties, given the vital role of Small and Medium Enterprises (SMEs) in employing people, contributing to the gross domestic product, and sustaining economic growth.

Under the Public Procurement and Disposal of Public Property Act, SMEs which are not up to date with their tax and National Insurance payments face significant challenges in participating in procurement proceedings by Ministries, Statutory Authorities and State Enterprises.

Mr Imbert says the extension will allow them sufficient time to address outstanding obligations.

He adds, “ …as the Trinidad and Tobago Revenue Authority is expected to become fully operational in 2025, and greater compliance is expected in the future, the current Tax and National Insurance Amnesty will allow taxpayers to put their houses in order and to pay their outstanding taxes before the TTRA is operational.”