Home' Trinidad and Tobago Guardian : September 22nd 2013 Contents A55
September 22, 2013 www.guardian.co.tt Sunday Guardian
IINTEREST ON QUARTERLY TAX
ARE YOU REQUIRED TO PAY TAX BY
You are reminded that your Quarterly Tax Instalments are due and
payable on or before -
of each year.
NOTE: Calculation of your Quarterly Income/Corporation
Instalments for the current year of income is based on an
estimated chargeable income, which is the chargeable income of the
previous year of income.
NOTE: Calculation of your Business Levy and Green Fund Levy
Quarterly Instalments is based on the actual grross sales/receipt for
the respective quarter.
Payments not made by these dates will accrue interest at
the rate of 20% per annum from the due dates to the
date of payment.
This interest amount will be included in the Notice of
Assessment for the respective Year of income.
CALCULATION OF QUARTERLY
This is guide to calculating your quarterly instalments for 2013.
Example: 2012 - Chargeable Profit
2012 - Tax on Chargeable Profit -
2013 - Estimated Quarterly Tax Payment
Estimated payment due per quarter = $50,000
NB: Where your 2013 Estimated Chargeable Proffit is likely to exceed
2012 Chargeable Profit you are advised to increase your quarterly
payments too accommodate the increased profit and avoid interest on
NB: Any short payment or nonn-payment of quarterly instalment is
also subject to interest at the rate of 20% per annum from the ddate
the payment was due to the date of payment or April 30, 2013
whichever is earlier.
MINISTRY of FINANCE and the ECONOMY
INLAND REVENUE DIVISION
TAXPAYER RELATIONS SECTION
“Changing the way we interact with People!”
WASHINGTON—The World Bank
says despite spending nearly 11
years acquiring an education,
school-leavers in the Caribbean
often struggle to find formal
The Washington-based financial
institution has released a new report
titled Quality Education Counts for
Skills and Growth and offers some sug-
gestions why it is difficult for Caribbean
students to obtain employment, high-
lighting key areas where system-wide
changes are needed.
It said while early childhood educa-
tion is essential to a child’s development
as it builds the foundation for primary
schooling, unlike primary and secondary
education, “there has been no national
push for pre-school education.
“This has resulted in huge variations
to education services and often meaning
children from rural areas or lower
income families miss out,” according
to the report, noting that, currently,
fewer than 15 per cent of school leavers
in the sub-regional Organisation of
Eastern Caribbean States (OECS) move
on to further education.
“Consequently, boosting tertiary
education attendance is key,” the report
said, adding that attracting qualified
teachers is a “chronic challenge” for
the Caribbean, and is particularly pro-
nounced within the core subjects—Eng-
lish, Maths and Science.
With such a predominance of
unqualified teachers, the report says
the pass rates for these subjects in par-
ticular have suffered.
In 2009, the report said fewer than
50 per cent of students region-wide
passed CSEC (Caribbean Secondary
Education Certificate) exams in English
With a highly centralised system, the
report said there is little decision-mak-
ing authority within the schools them-
selves in the Caribbean, stating that
international studies have shown that
giving schools the ability to make certain
decisions themselves is closely linked
to education quality.
The World Bank report also indicated
that closing the digital skills gap would
be key if graduates are to flourish in
the quickly-evolving Caribbean labour
It said as traditional trades and
sources of employment disappear, 21st
century technology is taking their place,
“but employers regularly complain that
school leavers do not have the appro-
priate skills for a digital workplace”.
Bernadette Lewis of the Caribbean
Telecommunications Union (CTU) said
it was vital that the region’s youth were
sufficiently supported to realise the
potential of information and commu-
nication technologies (ICTs).
Noting that critical soft skills such
as ICT are best taught within a formal
education setting, the World Bank
report highlights a need for them to be
maintained within the private sector.
“Learning is a life-long activity, and
as such, both public and private sector
involvement is needed to support learn-
ers throughout their career.”
“School-leavers struggle to find for-
mal employment because their educa-
tion doesn’t sufficiently prepare them
for the job market and employers are
then left to train up those who they do
World Bank: Caribbean school-leavers struggle to find employment
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