CAF will support Trinidad and Tobago in the implementation of online tax payment for individuals and companies

By signing a non-reimbursable technical cooperation agreement, CAF—development bank of Latin America—will support the online tax payment ecosystem digitization process that the government of Trinidad and Tobago is implementing. This aims to make payment of tax obligations for individuals and companies easier by supporting legal, regulatory and change management initiatives which are key in digitization of the country’s online tax payment ecosystem.

The technical cooperation agreement was signed virtually at the end of CAF Board of Directors meeting CLXXIII by Trinidad and Tobago finance minister, Colm Imbert, and the Executive President Sergio Díaz-Granados.

Some of the features of this technical cooperation include assessing the functional needs of an online payment method for customs duties and other tariffs administered by the Customs and Excise Division; supporting the standardization of legal agreements between Trinidad and Tobago authorities and the commercial banking system; and ensuring the existence of a secure and resilient digital ecosystem to support the online tax payment system within the Internal Revenue Division, among others.

CAF approved operations for Trinidad and Tobago for a total of USD 1.151 billion over the last four years (2016-2020), which represents an average of USD 288 million per year, accompanied by technical assistance such as the one signed today, in addition to knowledge generation schemes.