NHT looks to recoup $6.7b with amnesty for MSMEs, charities

 

The National Housing Trust (NHT) is hoping to recoup some $6.7 billion in outstanding contributions, linked to micro, small and medium sized enterprises (MSMEs) and charitable organisations.

 

Dameon McNally, Assistant General Manager at the NHT, in-charge of Compliance in the Contributions Management Department, says the organisation is now running an amnesty, which will benefit some 8,200 businesses in these categories. 

 

"If you are an employer that is within this category, you have paid all your employees contributions outstanding, 80 per cent of your employers contribution, then you can get a waiver of 20 per cent of the employers contribution outstanding and 100 per cent interest outstanding....if it is that you submit your application and meet that requirement by the 30th of September 2024." 

 

"Now, if you are not able to meet that deadline, then we have something for you between the period October to December 31, wherein if it is that you pay up all your principal arrears, which is your employees and employers contributions, then you will get 100 per cent waiver of interest that you may have outstanding," he disclosed. 

 

Mr. McNally said if businesses still miss this deadline, there will be other opportunities early next year.

 

"Between the period January to March 2025... if it is that you pay up all your employees contribution outstanding, all your employers contribution outstanding, and all interest outstanding on employers contribution, then you'll get a waiver of 100 per cent interest calculated on outstanding employees contributions," he noted. 

 

Employees are required to pay two per cent of their annual salary to the NHT, with the employer contributing three per cent on behalf of the worker.