Trinidad and Tobago’s Ministry of Finance issued a media release disputing claims of “missing money” in the 2023 public accounts and attributing the discrepancy to an accounting error at the Central Bank linked to a new electronic cheque clearing system. The ministry stated that all revenue collected in financial year 2023 has since been accounted for. The release outlined that annual public accounts are prepared and submitted to the Auditor General by Treasury officials, with the declaration and certification signed by the Permanent Secretary, the Comptroller of Accounts and the Treasury Director, not the Minister of Finance. It described a Central Bank error on February 8, 2023 in which an Excel-based interface component failed to divide amounts by 100 during data transfer, resulting in values being recorded at 100 times their actual level. The error led to tax refunds being overstated from TTD 26 million to TTD 2.6 billion; because tax revenue is reported net of refunds, the revenue figure submitted in the 2023 public accounts on January 31, 2024 was TTD 2.6 billion lower than the true amount. The ministry said the issue was identified during a Budget Division year-end review after submission, and noted a 2024 Cabinet-appointed investigation that recorded differing accounts between the Central Bank and the Treasury Division on whether a reversing credit advice had been sent. The ministry also said Treasury officials sought additional time in April 2024 to submit corrected 2023 public accounts to the Auditor General.

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