Do you have questions on the Waiver of Penalties and Interest?

Continue reading for answers to your questions!

A: YES. The legislation to provide for the waiver of penalties and interest- National Insurance (Amendment) Act 2022 (the Act) was assented to by the President on 5th July, 2022 and is legally in effect.

A: It provides for a waiver of all penalties and interest due and applicable in respect of any contribution outstanding as at 30th June 2022 by an employer, where the contribution is paid during the period 1st July 2022 to 31st December 2022.
ii. Increases the penalty for provision of false information.
iii. Increases the statutory limitation for commencement of summary proceedings and related matter.
iv. Allows the Minister of Finance to, by Order, prescribe a later date beyond December 31, 2022, for the payment of contributions and the waiver of associated penalty and interest.

A: (a) An employer who was registered with the National Insurance Board prior to 30th June 2022; and
(b) an employer who registers with the National Insurance Board during the period 1st July 2022 to 31st December 2022.

A: The waiver applies to all penalty and interest on contributions due and payable for any period up to 30th June 2022 where such contributions remained unpaid/outstanding as at 30th June 2022.

A: Yes. The waiver does not affect the obligation of an employer to pay contributions by the last day of every month in accordance with section 38 of the National Insurance Act.

A: No. During the waiver period, employers may make payments towards outstanding contributions and submit the relevant NI 187 and NI 184 forms to identify the period up to 30th June 2022 being paid for without penalty and interest.

A: No. An employer does not qualify for the waiver of any penalty and interest where no contributions are outstanding as at 30th June 2022. Section 4 of the Act states, ‘there is a waiver of all penalties and interest due and payable under section 39B in respect of any contribution outstanding as at 30th June 2022 by an employer under this Act…’

A: Where an employer fails to pay his outstanding contributions by 31st December, 2022, the penalties and interest which would have been payable in respect of the failure to pay the contributions shall be revived and become payable as if the waiver had not been granted.

A: The NIBTT has no authority under the Act to extend the waiver period.

A: An Employer may request an audit by completing the NI 201 form available on the NIBTT’s website and forward an email to auditrequest@nibtt.net

A: All payments must be accompanied by the relevant NI 184 forms.

A: Yes. An employer who registers during the waiver period can have their registration revoked within the parameters of the law.

A: Yes. The waiver is not applicable where the employer did not pay during the waiver period.

A: Yes. Payments may be remitted via your online banking arrangements and the requisite information submitted via the NIBTT’s website to verify the period of the payment and the employees for whom payment was remitted.

A: No. The waiver does not apply where there is a Court judgement, as the outstanding amount is now a judgement sum.

A: The Minister may by Order, extend the date for payment of contributions beyond December 31 2022.

A: Yes. Section 63(1) of the Act was also amended. This amendment increases the penalty for knowingly making any false statements, false representations and producing false documents from a fine of two thousand dollars ($2,000.00) and imprisonment for six (6) months to a fine of fifty thousand dollars ($50,000.00) and imprisonment for three (3) years on summary conviction.
Section 64(3) was also amended. This amendment increases the statutory limitation for the commencement of summary proceedings from within twelve (12) months to three (3) years from the date of the commission of the offence. In addition, this amendment extends the time for the commencement of summary proceedings from three (3) months to twelve (12) months from the date on which the Executive Director of the National Insurance Board of Trinidad and Tobago first knew of the commission of the offence.
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