Auditor General flags $36.56b in unverified tax revenue

The Trinidad Express reports with grave concern on the findings of Auditor General Jaiwantie Ramdass, whose qualified opinion on the 2025 Public Accounts paints a troubling picture of fiscal management. The revelation that $36.56 billion in tax revenue remains unverified due to unreconciled differences across key accounting systems is particularly alarming. This isn't just a matter of bookkeeping errors; it strikes at the heart of public trust and the government's ability to accurately account for the nation's finances.

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There were material differences in value added tax and individual income tax revenues when comparing figures shown on three main accounting records: the Statement of Revenue (Treasury Record), the Statement of Receipts and Disbursements (Inland Revenue Division) and GenTax Reports (Inland Revenue Division). These differences remained unreconciled at year end. I was unable to determine whether any additional adjustments might have been found necessary in respect of reported tax revenue of $36.56 billion.

Furthermore, the unsupported expenditure of $1.59 billion, representing a significant portion of total government spending, raises serious questions about accountability and the potential for misuse of public funds. The Auditor General's inability to verify these payments means taxpayers are left in the dark about where their money is going. This lack of transparency is unacceptable and demands immediate attention from the authorities.

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Supporting documents were not provided to verify payments of $1.59 billion, representing approximately 2.43% of total reported expenditure of $65.45 billion. I was unable to verify the occurrence, accuracy and classification of these transactions and was unable to determine whether any adjustment to the total reported expenditure was necessary.

The continued overdraft of the Exchequer Account, a situation persisting since 2003, underscores a chronic issue of fiscal indiscipline. While the report details the technicalities of the audit, the underlying message is clear: a fundamental overhaul of financial oversight and reporting is urgently needed to restore confidence in Trinidad and Tobago's public accounts.

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The Exchequer Account has been consistently in overdraft since 2003.