Dawn Accountancy Services

12/08/2016

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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.