Compliance &
Reporting

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Compliance & Reporting

Introduction to Compliance & Reporting

SEZ enterprises are required to submit operational and financial reports to SEZA, ensuring that their business activities remain aligned with licence conditions, investment commitments, and regulatory expectations.

Failure to meet these obligations may result in penalties, suspension of incentives, or licence revocation.

Ensuring Compliance and Accountability for SEZ Enterprises

Businesses operating in a Special Economic Zone (SEZ) must adhere to compliance and reporting obligations to ensure transparency, regulatory oversight, and economic integrity. The Trinidad and Tobago Special Economic Zones Authority (SEZA) establishes reporting requirements to maintain fair business practices, monitor investment performance, and ensure adherence to international regulations.

Compliance with these requirements is essential for maintaining SEZ incentives and operational authorisation.

Key Operational Standards

Operational Plans & Submission Requirements

Business Activities – Description of activities conducted within the SEZ.
Employment Commitments – Number of employees engaged in SEZ operations and compliance with employment regulations.
Infrastructure Use and Expansion Plans – Proposed modifications to premises or facilities.

Submission Process

Initial Submission – Operational plans must be submitted upon application for an SEZ licence.
Annual Updates – Enterprises must provide an updated operational plan annually.
Review and Monitoring – SEZA will assess and verify operational submissions through compliance audits.

Financial Reporting & Compliance

To ensure financial accountability, SEZ enterprises must provide periodic financial reports that demonstrate compliance with investment and revenue commitments.

Annual Financial Statements – Businesses must submit audited financial reports detailing revenue, expenditures, and economic contributions.
Tax Compliance Documentation – Proof of compliance with tax and fiscal regulations applicable under the SEZ framework.
Investment Performance Reports – Where applicable, businesses must submit investment tracking reports to verify compliance with SEZ commitments.

Submission Process

Electronic Submission – Reports must be submitted electronically to SEZA via finance@seza.gov.tt.
Deadlines – Determined based on enterprise classification and reporting cycles.

Customs Compliance

SEZ businesses benefiting from customs and trade-related incentives must adhere to customs reporting obligations to maintain compliance. Requirements include:

Import and Export Compliance

Import and Export Declarations – All goods moving through an SEZ must be declared with supporting documentation.
Duty and Tax Exemption Reports – Businesses must maintain clear records of exempted goods and provide documentation upon request.
Supply Chain Transparency – SEZ enterprises engaged in international trade must submit documentation on supply chain integrity and regulatory compliance.

Submission Process

Customs Reports – Businesses must file customs reports in line with SEZ customs procedures.
Submission Email – Reports are to be submitted to customs@seza.gov.tt.

Compliance Monitoring and Penalties

Periodic Audits and Inspections – SEZA monitors compliance through regular audits and inspections of SEZ enterprises.
Financial Reviews – Assessments are conducted to evaluate investment commitments.
Customs Audits – Verification of trade and supply chain transparency.

Penalties for Non-Compliance

Failure to comply with SEZA’s compliance and reporting requirements may result in:

Fines or suspension of SEZ incentives.
Revocation of SEZ status and licence cancellation.
Prohibition from future SEZ applications.

Avoiding Penalties

To avoid penalties, businesses are advised to:

Submit all required documentation on time.
Ensure compliance with financial and operational reporting obligations.
Engage with SEZA in the event of reporting difficulties or clarification requests.

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Government of the Republic of Trinidad and Tobago

Compliance &
Reporting

Introduction to Compliance & Reporting

Ensuring Compliance and Accountability for SEZ Enterprises

Key Operational Standards

Operational Plans & Submission Requirements

Submission Process

Financial Reporting & Compliance

Submission Process

Customs Compliance

Import and Export Compliance

Submission Process

Compliance Monitoring and Penalties

Penalties for Non-Compliance

Avoiding Penalties

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