REVENUE AUTHORITY
Who are we?
The Trinidad and Tobago Revenue Authority (TTRA) is a semi-autonomous institution responsible for revenue collection and enforcement, trade facilitation and border control. This new body is a fusion of the Inland Revenue Division (IRD) and the Customs & Excise Division (CED), and will benefit from the synergies, cost efficiencies and pooling of data as a single revenue collecting authority.
The TTRA’s main objective is to maximize revenue collection for the national good. This is to be achieved by:
- Making the payment of taxes clearer, easier and more efficient
- Providing more support to the public to help them pay the right taxes
- Reducing delays and encouraging transparency in duties imposed on the import and export of goods
- Strengthening border controls
- Modernizing the system with greater use of new tools and technology
- Encouraging greater compliance with tax laws, by enforcement where necessary
The TTRA also advises the Minister of Finance as it relates to all forms of taxation, customs and excise duties, revenue collection and border controls.
History
The Trinidad and Tobago Revenue Authority Act (2021)
Functions of the TTRA
- Assessment and collection of taxes under the revenue laws
- Administration of the revenue laws
- Enforcement of the revenue laws
- Enforcement of border control measures subject to any other written law
- Provision of revenue collection services to any statutory or other body to collect public monies
- Facilitation of legitimate trade
- Advising the government on tax-related matters
Strategic Objectives
Integrate and Retain
To ensure a smooth and seamless
integration of the Inland
Revenue Division (IRD) and the Customs & Excise Division (CED) with minimal disruption to services and operations, while maintaining the budgeted fiscal year 2023 non-oil tax collections to non-oil GDP ratio.
Transition
To introduce the use of new and innovative digital solutions,
including advanced data analytics geared towards promoting voluntary compliance, drive deeper insights on customers as well detect suspicious taxpayer behaviour to minimize tax leakage and tax evasion.
Transform and Grow
To optimize and enhance the use
of digital technologies
and analytical models, ensuring the right skills and working practices are available to effectively extract the benefits and insights required to increase compliance and subsequently, revenue collections.
Strategic Objectives
Integrate and Retain
Revenue Division (IRD) and the Customs & Excise Division (CED) with minimal disruption to services and operations, while maintaining the budgeted fiscal year 2023 non-oil tax collections to non-oil GDP ratio.
Integrate and Retain
including advanced data analytics geared towards promoting voluntary compliance, drive deeper insights on customers as well detect suspicious taxpayer behaviour to minimize tax leakage and tax evasion.
Integrate and Retain
and analytical models, ensuring the right skills and working practices are available to effectively extract the benefits and insights required to increase compliance and subsequently revenue collections.