Saturday 26 September, 2020

Budget 2020: $2.4B collected from tax amnesty

Government’s three-month tax amnesty drew in a welcome $2.382 billion, the largest ever in the history of Trinidad and Tobago.

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The amnesty, which began June 15 and was originally scheduled to end September 15 was extended to September 30.

Delivering the 2020 Budget in Parliament on Monday, Finance Imbert said this demonstrated the need for an improved revenue collection agency.

“To illustrate the dire need for an improved I am pleased to report that the additional tax collection arising out of our three and a half month tax amnesty amounted to a welcome $2.382 billion almost five times the original estimate of $500 million.”

“This provides ample evidence for the need of the Revenue Authority,” Imbert added.

The Minister said the additional revenue collected came as a surprise but he was not entirely shocked given the existing tax gap.

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