{"id":5602,"date":"2026-10-12T15:57:55","date_gmt":"2026-10-12T19:57:55","guid":{"rendered":"https:\/\/tringlobe.news\/?p=5602"},"modified":"2026-10-12T15:57:55","modified_gmt":"2026-10-12T19:57:55","slug":"government-introduces-100-penalty-for-every-two-months-of-outstanding-vat-returns","status":"publish","type":"post","link":"https:\/\/tringlobe.news\/?p=5602","title":{"rendered":"Government Introduces $100 Penalty for Every Two Months of Outstanding VAT Returns"},"content":{"rendered":"<p>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.<\/p>\n<p>The measure was announced during the presentation of the 2027 National Budget in Parliament on Monday, October 12, 2026.<\/p>\n<p>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.<\/p>\n<p>The proposed measure is intended to close that gap, encourage timely filing and strengthen compliance among VAT-registered taxpayers.<\/p>\n<p>According to the Minister, the change will also improve the information available to the Government for revenue management and economic planning.<\/p>\n<p>Government estimates that the measure will generate an additional $5 million in revenue.<\/p>\n<p>The proposed penalty is scheduled to take effect on January 1, 2027.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>VAT registered taxpayers will face new penalties for failing to submit returns on time.<\/p>\n","protected":false},"author":1,"featured_media":5601,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[62],"tags":[],"class_list":["post-5602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trinidad-and-tobago"],"_links":{"self":[{"href":"https:\/\/tringlobe.news\/index.php?rest_route=\/wp\/v2\/posts\/5602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tringlobe.news\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tringlobe.news\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tringlobe.news\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tringlobe.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5602"}],"version-history":[{"count":0,"href":"https:\/\/tringlobe.news\/index.php?rest_route=\/wp\/v2\/posts\/5602\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tringlobe.news\/index.php?rest_route=\/wp\/v2\/media\/5601"}],"wp:attachment":[{"href":"https:\/\/tringlobe.news\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tringlobe.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tringlobe.news\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}