Dawn Accountancy Services

12/08/2016

Act now. Contact us at 722-1774

18/07/2016

The Finance (No. 2) Bill, 2016 was presented to Parliament on July 4th, 2016.
TAX AMNESTY

The Honourable Minister of Finance declared a tax amnesty from July 1 to September 16 2016. The amnesty applies to income years up to and including income year 2015 as follows:-

1. Interest and penalties on outstanding petroleum taxes.

2. Interest on outstanding income tax, corporation tax, withholding tax, value added tax and business levy due and payable where the taxes/levies are paid during the period July 1 to September 16, 2016.

3. Outstanding interest charged on any income tax, corporation tax, value added tax, withholding tax and business levies where such taxes have been paid prior to July 1, 2016.

4. Penalties where the taxes / levies are paid during the period July 1 to September 16, 2016

5. Penalties, to the extent that they have not been paid, on taxes / levies which were paid prior to July 1, 2016

6. Penalties on outstanding income tax returns where such returns are filed during the period July 1 to September 16, 2016

7. Penalties, to the extent that they have not been paid, on outstanding income tax returns which were filed prior to July 1, 2016

Based on the Finance Bill, notably absent from the amnesty is Green Fund Levy which may have been an oversight on the part of the drafters as it is usually included. Also not included in the amnesty are Financial Services Tax; Hotel Accommodation Tax and Insurance Premium Tax. We await the passing of the Finance Act to see whether the appropriate changes will be made to the Miscellaneous Taxes Act.

Where any income tax, withholding tax, business levy and tax returns remain outstanding after September 16, 2016, the interest and penalties on such returns, taxes and levies will be revived as if the amnesty had not been granted.

06/07/2016

04/07/2016

http://www.trinidadexpress.com/20160702/business/jamaica-refusing-nfm-products

LOCAL producer National Flours Mills (NFM) says it has been finding it difficult to get some of its products into Jamaica because of ongoing tension between that country and Trinidad and Tobago.

01/07/2016

http://www.trinidadexpress.com/20160630/business/trinidad-looking-to-sandals-to-establish-hotel-in-tobago

PORT OF SPAIN, Trinidad, Jun 30, CMC – The Trinidad and Tobago government Thursday said it had established a committee headed by a former finance minister Wendell Mottley to negotiate with the Sandals Resort International (SRI) to build two hotels in Tobago.

01/07/2016

http://www.trinidadexpress.com/20160630/business/nel8217s-profits-decline

HOLDINGS company National Enterprises Ltd (NEL) has seen its profits plummet during its past financial year.

23/02/2016

23/02/2016

10/04/2012

Who has to register for VAT?

Individuals or businesses that sell goods or services worth TT$200,000.00 or more in a twelve-month period must register for VAT. Individuals and businesses must also register if they forecast sales of TT$200,000.00 or more in a twelve-month period.

Registered individuals or businesses that cease trading, dispose of or transfer their business must apply for Cancellation of VAT Registration. This also applies to individuals or businesses that no longer generate revenues above the threshold amount of TT$200,000.00.

23/03/2012

How to prevent being scammed - Stranded friends
Have any of your Facebook friends recently appealed to you for money because they're stranded abroad and need money for a flight home? Most likely you later found out that your friends weren't out of the country - they weren't even out of town - but their account had been hacked. Scammers often look for active Facebook users with a lot of friends and then hack their accounts and attempt to solicit money from kind-hearted people.
If a friend contacts you on Facebook asking for money, don't send them anything until you've spoken with them and verified their story. If a friend is sending out spam on the social networking site or sending repeated messages for money, let them know their account has been hacked and report the situation to Facebook.

Taken from: Mother Nature Network (mnn.com) | Financially Fit – Tue, Mar 20, 2012 3:25 PM EDT

21/03/2012

Income Tax
Annuities

A number of financial institutions in Trinidad and Tobago offer products called annuities. An annuity is a financial product that allows you to pay premiums and then receive regular or lump sum payments in the future, usually upon maturity of the plan or at retirement. One advantage of an approved deferred annuity is that the contributions are tax deductible. Buying an annuity now can help lower your tax bill and provide a guaranteed source of income later in life.

1 How do annuities work?
2 Where can I find more information?

How do annuities work?

Your financial institution or insurance company can provide you with information on the annuities they provide.

The annuity you purchase must be approved by the Board of Inland Revenue to benefit from the tax deduction.
The total of your pension contributions, National Insurance contribution and your approved annuity premiums must not exceed TT$30,000.00 in any given tax year. Any annuity premiums above this amount are not tax deductible.
Your annuity will mature when you are between 50 and 75 years old, depending on the terms of your annuity.
If you decide to withdraw your money before the maturity date, you will only receive a refund of your premiums. You will also be subject to a 25% tax on the amount you withdraw.
An employer may elect to purchase a corporate annuity on behalf of an employee. The employer alone contributes to this type of annuity.

Where can I find more information?

Please contact your financial institution or insurance company for information on annuities they offer. You can also contact the Inland Revenue Division of the Ministry of Finance.