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The Trinidad and Tobago Government has announced plans to introduce a $100 penalty for every two months that a Value Added Tax (VAT) return remains outstanding, beginning January 1, 2027. The measure was announced during the presentation of the 2027 National Budget in Parliament on Monday, October 12, 2026. Finance Minister Davendranath Tancoo explained that while penalties currently apply to the non-filing of income tax and corporation tax returns, there is no comparable penalty specifically addressing outstanding VAT returns. The proposed measure is intended to close that gap, encourage timely filing and strengthen compliance among VAT-registered taxpayers. According to the Minister, the change will also improve the information available to the Government for revenue management and economic planning. Government estimates that the measure will generate an additional $5 million in revenue. The proposed penalty is scheduled to take effect on January 1, 2027.
The Trinidad and Tobago Government has announced plans to introduce a $100 penalty for every two months that a Value Added Tax (VAT) return remains outstanding, beginning January 1, 2027.
The measure was announced during the presentation of the 2027 National Budget in Parliament on Monday, October 12, 2026.
Finance Minister Davendranath Tancoo explained that while penalties currently apply to the non-filing of income tax and corporation tax returns, there is no comparable penalty specifically addressing outstanding VAT returns.
The proposed measure is intended to close that gap, encourage timely filing and strengthen compliance among VAT-registered taxpayers.
According to the Minister, the change will also improve the information available to the Government for revenue management and economic planning.
Government estimates that the measure will generate an additional $5 million in revenue.
The proposed penalty is scheduled to take effect on January 1, 2027.
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