The Trinidad and Tobago Ministry of Finance announced that the Tax Amnesty and National Insurance Amnesty introduced by the Finance Act 2024 have been extended from 31 December 2024 to 31 January 2025. The Orders to extend the deadline are expected to be published on 3 January 2025 and made retroactive to 31 December 2024. Under the extended Tax Amnesty, penalties and interest are waived for unpaid taxes for previous years and for the year of income ending 31 December 2023, including Individual Income Tax, Pay-as-You-Earn (PAYE), Corporation Tax, Value Added Tax (VAT), Business Levy, Green Fund Levy, Withholding Tax, Health Surcharge, Stamp Duty, Unemployment Levy, Petroleum Profits Tax (PPT), Supplemental Petroleum Tax (SPT), and sector-specific taxes such as the Tax on Financial Services, Insurance Premium Tax, Hotel Accommodation Tax, and gaming-related taxes. It also covers penalties and interest for unpaid 2024 Property Taxes, which are due on or before 31 January 2025. The National Insurance Amnesty applies to interest and penalties on contributions paid prior to 1 October 2024 and on contributions outstanding as at September 2024 where payment was made during 1 October 2024 to 31 December 2024, but only for employers registered with the National Insurance Board before 1 October 2024; if amounts are not paid by 31 January 2025, the waived penalties and interest are revived and become payable.

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