By Shastri Boodan
The Couva Point Lisas Chamber of Commerce believes mandatory income tax filing could bring millions of dollars in additional revenue to the Government by bringing more individuals and small business operators into the tax system.
The measure was announced by Finance Minister Dave Tancoo during Monday’s presentation of the 2026-2027 National Budget.
Speaking at a news conference at the chamber’s Camden Road headquarters on Monday, first vice-president Amit Dass described the proposal as a significant change to income tax monitoring in Trinidad and Tobago.
“The announcement basically made it mandatory for every single person over the age of 18, I would say, to file taxes because the terminology he used was taxpayers of Trinidad and Tobago,” Dass said.
He said the measure could generate additional revenue because many people currently did not file tax returns.
“This would most likely lead to a large inflow of cash for the Government, given that the majority of people do not file tax returns,” he said.
Dass said people operating small businesses would also have to comply with tax requirements.
“People who may be doing small businesses, they will have to start paying their tax, plain and simple,” he said.
He compared the proposed system with that of the United States, where individuals are generally required to file tax returns, subject to their circumstances.
Dass also pointed to GenTax, the software used by the Board of Inland Revenue to administer and monitor the tax system. He said an upgrade was expected to improve tax administration and strengthen the authorities’ ability to identify cases for audit.
The chamber also called for an increase in natural gas supplies to stimulate economic activity and create jobs in the Couva-Point Lisas industrial belt.
Dass said this was particularly important given the job losses the area had experienced in recent years. He said increased gas availability could support industrial expansion, encourage business activity and help restore employment opportunities in the energy sector.
Meanwhile, chamber second vice-president Anisa Ali welcomed improvements in foreign exchange allocations to businesses and changes to policies governing access to foreign currency through the Exim Bank.
Ali said the adjustments had helped some small and medium-sized enterprises obtain larger foreign exchange allocations, allowing them to import goods and sustain their operations.
She said the changes could improve the business environment while strengthening accountability and reducing opportunities for fraud.
Ali also welcomed stricter requirements under the revised Exim Bank policies, describing them as part of efforts to improve the system.
Photo: From left, CPLCC secretary Alisha Mohamed-Stevens, first vice-president Amit Dass and second vice-president Anisa Ali.
