There are several benefits that Self-Employed persons can reap by being compliant with the NHT. Compliant persons will be able to obtain a Clearance Letter from the NHT, which is a prerequisite for a company to be issued a Tax Compliance Certificate (TCC).
Self-Employed Contributors who are compliant would be eligible for loans to assist in building, buying, repairing or improving of homes.
In addition to housing benefits, Contributors are entitled to access a refund (with interest) on payments made to the Trust. More information on this benefit is available in our Contributions Refunds section.
Presently, there is a penalty charge of 20% per annum for late submissions of payments. Additionally, where payments are deemed delinquent (usually outstanding for more than a year), a surcharge of 10% on the penalty plus any arrears is also applied.
Where Employers are found to be withholding information required by the NHT in relation to contributions or Annual Returns, they may be fined an amount of $30,000 or 3 times the amount of the unpaid contributions, whichever is greater.