Port of Spain, Trinidad and Tobago - June 12, 2024
The National Information and Communication Technology Company Limited (iGovTT) is excited to announce the launch of its Cybersecurity Investment Tax Allowance management system. This platform allows businesses to submit proof of their cybersecurity purchases to qualify for the Cybersecurity Investment Tax Allowance (CITA). Once validated by iGovTT, businesses receive certificates that enable them to claim tax credits of up to $500,000 from the Inland Revenue Division of the Ministry of Finance.
This initiative, announced by the Honourable Colm Imbert, Minister of Finance, during the last national budget reading on October 2nd, 2023, demonstrates the government’s commitment to strengthening cybersecurity across the business sector. The rapid implementation of this program underscores iGovTT’s ability to quickly respond to national priorities and deliver impactful technological solutions.
iGovTT Chairman Charles Carter remarked, “The introduction of the new Cybersecurity Investment Tax Allowance presents a significant advantage to the business sector, underscoring the imperative of digital protection. As businesses invest in cybersecurity measures, they not only safeguard their own operations but also contribute to a broader culture of digital security. In our interconnected world, each investment in cybersecurity enhances the collective safety of our digital ecosystem. It is our shared responsibility as corporate citizens to ensure a secure digital landscape for all.”
“The Cybersecurity Tax Administrative Management System represents a significant advancement in our commitment to providing positive and efficient experiences to citizens and to the private sector,” stated Dr. Inshan Meahjohn, CEO of iGovTT. “The streamlined process makes it easy for businesses to claim tax credits on their cybersecurity investments.”
Senator the Honourable Hassel Bacchus, Minister of Digital Transformation, gave the feature address at the launch event, and emphasised the program’s importance in protecting business operations and customer data. The Minister highlighted that this initiative not only aids businesses in strengthening their cybersecurity infrastructure but also contributes to the broader goal of national digital transformation. This commitment fosters a secure digital landscape and positions Trinidad and Tobago as a leader in proactive cybersecurity policy. Notably, while some larger developed nations are still considering similar tax credits, Trinidad and Tobago’s swift implementation of these measures is commendable.
Ms. Kiran Maharaj, President of the Trinidad and Tobago Chamber of Commerce, followed with her remarks on the significant impact of CITA on the business community. She stated, “The Cybersecurity Investment Tax Allowance incentivises businesses to prioritise cybersecurity and demonstrates the government’s commitment to addressing business needs. When businesses are exposed to cybersecurity vulnerabilities, it can lead to significant costs from both business and customer perspectives. This initiative marks a positive step towards bolstering business resilience and fostering a more secure commercial environment in Trinidad and Tobago.”
For more information on CITA and how businesses can benefit from this initiative, visit the CITA FAQ page. Here, persons can discover detailed information for businesses seeking to enhance their cybersecurity measures and qualify for the tax allowance.
Ready to register? Visit the CITA Management System directly here: https://cita.govt.tt.
