Maroc - NEWSDAY.CO.TT - A la Une - 28/Jan 14:39

Finance Ministry: VAT bond forms available

THE Finance Ministry says value added tax (VAT) bonds application forms are now available online. In a post on X (formerly Twitter) on January 26, Finance Minister Colm Imbert assured that VAT refunds for small and medium enterprises which amounted to approximately $1 billion would be paid by the end of that week. In a statement on January 27, the ministry said people registered for VAT could now apply for the payment of outstanding VAT refunds through VAT bonds. The ministry added the the Board of Inland Revenue (BIR) had advised the bonds would be issued on a first come, first served basis with an effective date of January 31, 2025 and a tenor of three years. "Interest would accrue from the effective date at a fixed rate of 4.01 per cent per annum." The ministry said a six-month moratorium, starting from the date of issue, would be imposed on the encashment/transferability of the bonds for companies operating within the energy sector that are zero-rated. Only applicants owed refunds in excess of $250,000 would be eligible to receive VAT bonds. The ministry said refunds of $250,000 or less would be paid in cash. Application forms can be accessed by VAT registrants on the Inland Revenue Division’s (IRD) website at www.ird.gov.tt. The forms must be completed online, before downloading for signature and then scanned and e-mailed to VATBonds@ird.gov.tt. In order to process and issue the VAT bonds, VAT registrants are requested to complete the application by no later than 12 pm on February 3. The ministry said this deadline would be extended if necessary. The post Finance Ministry: VAT bond forms available appeared first on Trinidad and Tobago Newsday.