Glossary

  • BLU example 1 [business-levy ]

    If you paid early and declared $120 in gross sales for the March 31st period but you realized at the end of the period, sales were actually $130. The tax on the $10 difference must be paid by the end of the second quarter which ends at June 30th.
  • BLU example 2 [business-levy ]

    For example, if you paid early and declared $120 in gross sales for the March 31st period but you realized at the end of the period sales were actually $140. That means you paid tax on only 85.71% for that period which is below the 90% threshold. That means you must pay interest on the tax for the 4.29%, (90%- 85.71%), difference. 90% of actual sales $140 is $126. Therefore, the tax on $6, ($126-$120) will face the 15% penalty.

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