Home' Trinidad and Tobago Guardian : February 6th 2015 Contents A68
Guardian www.guardian.co.tt Friday, February 6, 2015
Ministry of Finance and the Economy
INLAND REVENUE DIVISION
TAX INFORMATION BULLETIN
FEBRUARY TIPS & REMINDERS
An Amnesty is currently in effect for the full waiver of penalty and interest on outstanding income
tax, further tax, additional tax, withholding tax, business levy and green fund levy due and payable
for the years of income up to and including the year 2013.
To qualify, outstanding Returns for the period under the amnesty must be completed and filed, and
the principal tax liability paid in full during the period September 08, 2014 to March 31, 2015. The
amnesty does not apply to payments made before September 08, 2014, and ends March 31, 2015.
The following Tax Deductions take effect from January 01, 2015:-
Personal Allowance increases from $60,000 to $72,000 for individuals OVER 60 years old.
(The allowance remains at $60,000 for persons under 60 yrs)
First time Home Ownership Allowance increases from $18,000 to 25,000
The aggregate amount for NIS; Approved Annuity/Retirement Benefit Scheme/Pension Plans
increases from $30,000 to $50,000.
It's Carnival Time Again! Band Leaders, Fete Promoters, Entertainers, Roadside Vendors, Truck
Drivers and other Non-emolument Income Earners involved in the culture industry - You are NOT
exempt from paying Taxes. All sales, domestic and international, online and offline are subject to
Tax and in some cases, VAT and Withholding Tax.
Employers are reminded of the requirement by law to distribute TD4 Certificates (TD4
Supplementary) to employees for Income Year 2014. Also, TD4 Summary ( i.e., Annual Return of
Remuneration Paid) due for submission to the BIR should be accompanied by a copy of each TD4
Certificate together with Form IT 76 Summary and Form IT 76 Supplementary which details
benefits provided by the employer to directors and certain employees during 2014. The deadline
for submission both to employees and to the BIR is February 28, 2015.
PAYE/Health Surcharge Returns and Remittance for January 2015 deductions
Financial Services and Insurance Premium Tax Returns and Remittances for January 2015
VAT Return and payments are due for period December 2014 - January 2015. Late payment
results in 8% penalty and interest at the rate of 2% per month or part thereof
HOTEL ACCOMMODATION TAX RETURN together with the remittance of the 10% tax deduction
for February 2015
[*The Statutory Date, February 15 is a Sunday in 2015, followed by Carnival Monday and Tuesday.
Payments will be accepted on Wednesday February 18, 2015.]
Be Reliably Informed
Our Tax Information Bulletin is printed in your daily newspapers every 1st Friday of the month.
"Changing the way we interact with People!"
Taxpayer Relations Section
623-2981 -- Ext 321, 431, 432, 323-325
The days of competing in the Champions League
and winning Scottish league titles year after year
are just a memory for Glasgow Rangers.
Crippled by a financial crisis in 2012, the club is
currently toiling away in the second tier of Scottish
football. Weekly stories of boardroom chaos have
turned the club into something of a laughingstock.
This week, Rangers took another blow that sums
up just how far one of Britain s biggest teams has
On Monday, five reserve-team players from English
Premier League club Newcastle arrived at Ibrox, sent
on loan until the end of the season. Most Rangers
fans would never have heard of any of the players
but they will be playing a huge role in the team in
the next few months.
In a bizarre news conference, Rangers caretaker
manager Kenny McDowall explained Thursday that
he has orders from the club s hierarchy to play the
five loan signings, provided they are fit.
"I will carry out the instructions that they give
me," McDowall said.
Slovenian midfielder Haris Vuckic, English defender
Remie Streete, Burundi-born Gael Bigirimana, Swiss
defender Kevin Mbabu and Northern Ireland winger
Shane Ferguson will soon be part of Rangers starting
lineup and attempting to help the team gain promotion
into the Scottish top flight.
Even though they weren t good enough to make
Newcastle s first team, the five can only improve the
quality of Rangers side, which has stripped of its
big names since demotion to the fourth tier three
years ago as a punishment for its financial problems.
Rangers is 16 points behind second-tier leader
Hearts with more than half the season gone. Only
one team earns automatic promotion.
To get back in the top flight, Rangers will likely
have to win a playoff between the teams finishing
second and third, and then beat the side that places
next to last in the top division in a two-legged match.
It seems that a team with a record 54 league titles
and a 50,000-capacity stadium is slowly turning
into a glorified sister club for Newcastle.
NYON---Manchester City has made space for new
signing Wilfried Bony in its Champions League
squad by dropping Stevan Jovetic.
UEFA published lists of eligible squads yesterday
for the Round of 16, showing Man City preferred
Ivory Coast forward Bony to Jovetic, who played in
five group matches without scoring.
UEFA has limited the English champion to selecting
from 21 senior players instead of 25 for overspending
and breaking Financial Fair Play rules.
Man City hosts Barcelona first on February 24.
Real Madrid put 16-year-old midfielder Martin
Odegaard on its 25-man A-list. Odegaard and fellow
new recruit Lucas Silva replace defenders Guillermo
Varela and Abner.
Arsenal restored forward Olivier Giroud to its 25-
man list. Giroud was omitted in September when
injured, then ineligible for two group matches after
a quick recovery.
Man City prefers
Bony over Jovetic
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