At the launch of a new online platform on June 13th, 2024, Senator the Honourable Hassel Bacchus Minister of Digital Transformation praised the technical expertise of the National Information and Communication Technology Company (iGovTT). This platform allows local businesses to apply for the Cybersecurity Investment Tax Allowance (CITA) program by submitting proof of their cybersecurity expenditure. Following approval by iGovTT, businesses will receive certificates allowing them to claim tax credits of up to $500,000 from the Ministry of Finance’s Inland Revenue Division.
This initiative, announced in the 2023/24 national budget by the Honourable Colm Imbert Minister of Finance demonstrates the government’s commitment to strengthening the nation’s cybersecurity defences. Minister Bacchus, in his launch address, highlighted the program’s significance in protecting business operations and customer data. He emphasized that CITA not only supports businesses in improving their cybersecurity but also aligns with the national goal of digital transformation. This commitment fosters a secure digital environment, positioning Trinidad and Tobago as a leader in proactive cybersecurity.
For more details on CITA and how businesses can benefit, visit the iGovTT website: https://www.igovtt.tt/cybersecurity-tax-incentive-allowance/. This website offers comprehensive information for businesses seeking to enhance their cybersecurity and qualify for the tax allowance.
