The purpose of the fund is to financially assist organizations and community groups that are engaged in activities related to the remediation, reforestation, environmental education and public awareness of environmental issues and conservation of the environment.
References:
75.02
77.01
GFQ example 1
GFU example 1
GFU example 2
IRD
Must be paid at a rate of 0.3% on gross sales
A tax of 0.3% on gross sales or receipts that is paid to the Board of the Inland Revenue (BIR). You can use our calculator to help calculate the amount.
By Companies
This levy is to be paid by registered companies*. Please note that companies in this instance includes partnerships, non-profit companies, charitable organizations & sports groups.
Excludes sole traders.
Quarterly
Green Fund Levy must be paid by the end of each quarter on 31st March, 30th June, 30th September and 31st December in each year of sales.
If you are paying before the deadline date, you may not know the accurate sales figure for the entire period, you can estimate the amount of sales that you have to pay tax on for the remaining days for the period.
If underpaid
If your estimated gross sales turn out to be less than the actual sales for the quarter, the difference in green fund levy must be paid by the last day of the next quarter.
Please note that if you pay Green Fund Levy amounting to less than 90% of the amount that is actually required to pay, there is a further 15% annual interest charge on the difference between the 90% and the amount paid starting at the end of the quarter the levy was incurred.
If not paid
If you do not pay any Green Fund Levy, you must pay a penalty annual interest rate of 20% on the amount required.
If overpaid
If your estimated gross sales turned out to be more than the actual sale amount, and you overpaid your Green Fund Levy, the excess shall be refunded. However, if you owe BIR any payments, BIR can choose to apply the amount to be refunded against the amount owing to them.
The refund claims must be made within 1 year from the end of the quarter the refund relates.
Fun details
Neither the Green Fund Levy nor the Business Levy can be offset against other taxes and cannot be claimed as an expense.
The sales figures in your Green Fund Levy, Business Levy, Vat Returns and Corporation Tax must all be the same.
Related forms
Currently there are no required forms to be submitted when paying.
Retain your payment receipts.
How to pay?
You or your representative can pay your Green Fund Levy. You must have your BIR Number and pay at a cashier in any of these following locations:
Please note that cheques can be made payable to “Chairman Board of Inland Revenue”
Taxpayer Relations Section
The Inland Revenue Division
South Regional Office
Inland Revenue Division
Tobago Regional Office
Inland Revenue Division
Additionally, these payments can be made at any Warden’s Office.
Taxpayer Relations Section
The Inland Revenue Division
Inland Revenue Division (IRD) Building
Government Campus Plaza
#2-4 Ajax Street, Port of Spain, Trinidad
Tel. (868) 623-2981/7106 ext. 321, 323-6
South Regional Office
Inland Revenue Division
52 Cipero Street San Fernando
Trinidad
Tel. (868) 657-6057/5775
Tobago Regional Office
Inland Revenue Division
Sangster’s Hill Scarborough Tobago
Tel. (868) 639-2410/2538
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