Revenue Authority To Deal With Tax Gap

Finance Minister Colm Imbert says he expects that the Trinidad and Tobago Revenue Authority (TTRA) will close the gap between those who pay taxes and those who evade. Speaking in the Parliament at Friday's Budget Debate in the Senate, Minister Imbert estimated the tax gap to be $10 billion. He went on to explain that the gap is the estimated difference between the amount of revenue from taxes the country should collect and what it actually does collect. According to the Minister, this is based on several factors including the country's Gross Domestic Product (GDP). Minister Imbert explained the reasons for the losses, and noted his hopes for the TTRA closing the tax gap, as well as enhancing the revenue of the country.