Trinidad and Tobago’s Ministry of Finance announced that the Board of Inland Revenue is now accepting online applications from Value Added Tax registrants to receive payment of outstanding VAT refunds via the government’s 2025 VAT Bonds initiative. VAT Bonds will be issued on a first-come, first-served basis with an effective date of 31 January 2025, a three-year tenor, and a fixed interest rate of 4.01% per annum accruing from the effective date. Only registrants owed refunds exceeding TTD 250,000 are eligible for bonds, while refunds of TTD 250,000 or less will be paid in cash. A six-month moratorium from the date of issue will apply to encashment or transferability for zero-rated companies operating in the energy sector. Processing will continue to apply the Inland Revenue Division’s usual criteria, including that all VAT returns are filed, liabilities for all tax types are cleared, and applications relate to VAT filing periods prior to 2025; any outstanding liabilities will be deducted before bonds are issued. A separate bond will be issued for each VAT period with an applicable refund, rounded down to the nearest TTD 1,000, with any remainder issued by cheque. Applications must be completed online, signed, and submitted by 12:00 pm on 3 February 2025, with the deadline to be extended if necessary. Registrants will be contacted and given a scheduled collection date, and bonds will be released upon presentation of the identification specified in the application or an authorisation letter with the required identification details.
Ministry of Finance (Trinidad & Tobago) 2025-01-27
Trinidad and Tobago Ministry of Finance opens online applications for three-year VAT Bonds to pay VAT refunds above TTD 250,000
Trinidad and Tobago’s Ministry of Finance announced that the Board of Inland Revenue is accepting online applications for VAT refunds via the 2025 VAT Bonds initiative. The bonds, with a three-year tenor and a 4.01% annual interest rate, are available to registrants owed refunds exceeding TTD 250,000, while smaller refunds will be paid in cash. A six-month moratorium applies to zero-rated energy sector companies, and all VAT returns and tax liabilities must be cleared before issuance.