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

CAF -development bank of Latin America- will support the digitalization process of the online tax payment ecosystem that is being implemented by the government of Trinidad and Tobago with the signing of a non-reimbursable technical cooperation, which aims to increase and improve the ease of payment of tax obligations for individuals and companies by supporting legal, regulatory and change management initiatives that are key to the digitization of the online tax payment ecosystem in the country.

The signing of the technical cooperation was made virtually at the end of the CLXXIII of the CAF Board of Directors by the Minister of Finance of Trinidad and Tobago, Colm Imbert, and the executive president Sergio Díaz-Granados.

The characteristics of this technical cooperation include evaluating the functional needs of an online payment method for customs duties and other fees administered by the Customs and Special Taxes Division; support the standardization of legal agreements between the Trinidad and Tobago authorities and the commercial banking system; and ensuring a secure and resistant digital ecosystem to support the online tax payment system in the Internal Revenue Division, among others.

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