PORT OF SPAIN, Trinidad (CMC) -The Trinidad and Tobago government is urging people to take advantage of a tax amnesty which provides a waiver on the penalties for the duration of October to the end of this month.

In a statement, the Ministry of Finance said that the tax amnesty covers all prior tax periods up to December 31st, 2023, and with regard to property tax, it covers up to December 31st, 2024.

“The Inland Revenue Division (IRD), Ministry of Finance, invites all relevant members of the public to take advantage of the tax amnesty,” the statement said.

It said that the amnesty covers individual income tax, pay as you earn (PAYE) taxes, health surcharge, corporation tax and business levy as well as green fund levy, value added tax, petroleum profits tax and club gaming tax among others.

During his budget presentation in September, Finance Minister Colm Imbert said that the government was moving forward with the establishment of the Trinidad and Tobago Revenue Authority, which he said, was critically needed, to address the tax gap, due to tax evasion, which has been estimated at up to $10 billion TT (One TT dollar= $0.16 cent US) per year.