The Board of Inland Revenue say persons registered for VAT can now apply for the payment of outstanding VAT refunds, via VATBonds.

It adds that VAT Bonds would be issued on a first come, first serve basis, with an effective date of January 31st 2025 and a tenor of three years.

Interest would accrue from the effective date at a fixed rate of 4.01% per annum.

The Finance Ministry adds that a six month moratorium – starting from the date of issue – will be imposed on the encashment/transferability of the Bonds for companies operating within the energy sector that are zero-rated.

Only applicants owed refunds in excess of TT$250,000 would be eligible to receive VAT Bonds.

Refunds of TT$250,000 or less will be paid in cash.

Application Forms can be accessed by VAT Registrants on the Inland Revenue Division’s website (www.ird.gov.tt).

These forms must be completed online, before downloading for signature and then scanned and e-mailed to VATBonds@ird.gov.tt.

The Ministry adds that any outstanding liabilities would be deducted from the amount due before the Bonds are issued.