Last Updated: 20th June 2024
Tax Summary Overview
INTRODUCTION
Trinidad & Tobago | FAST FACTS| CAPITAL | Port of Spain |
| INDEPENDENCE | 1962 |
| OFFICIAL LANGUAGE | English |
| CURRENCY | Trinidad and Tobago dollar (TTD) |
| MAIN ECONOMIC ACTIVITY | Petroleum and natural gas extraction and refinement |
| MAIN EXPORTS | Natural gas and oil, ammonia, alcohols, iron, fertilisers, and iron and steel |
| MAIN IMPORTS | Oil, iron ore, fuel, vehicles, water heaters, ethyl alcohol, iron and steel, pumps and catalysts |
| TRADING ECONOMICS | Trade Surplus of 805.10 USD Million in the third quarter of 2023 |
Andersen Trinidad & Tobago Limited Tax stands as a bastion of expertise, comprising seasoned professionals equipped to deliver top-tier services in tax compliance and tax planning. Our firm offers comprehensive guidance on diverse tax-related matters, pivotal in shaping companies' tax obligations and strategies. Some of these include:
Ensuring tax compliance of individuals and companies according to the tax laws and regulations of Trinidad and Tobago.
Tailoring corporate structures to align with the specific business requirements of incoming investors.
Exploring the array of fiscal and regulatory incentives accessible in Trinidad and Tobago.
Assessing the tax ramifications associated with various financial frameworks.
Navigating the tax considerations inherent in cross-border transactions, encompassing related party engagements and dealings with non-resident entities.
Analysing the treatment of accounting components, such as capital gains or losses, dividends, and interest, within the tax framework.
Optimising tax efficiency in merger and acquisition endeavours.
Evaluating the implications of double tax treaties (DTTs) on both domestic and international investment ventures.
Addressing retirement and executive compensation schemes and their corresponding tax implications.
Determining the applicability of value-added tax (VAT) to business transactions, including those of an international nature.
TAXES: RATES & DATES
| TAXES | RATES & DATES |
Corporate Income Tax (CIT) Rates |
|
Headline CIT rate (%) |
30 (35% for commercial banks and petrochemical companies) |
Corporate Income Tax (CIT) Due Dates |
|
CIT return due date |
The Board of Inland Revenue (BIR) requires taxpayers to submit their tax returns by 30 April following the fiscal year. An automatic extension until 31 October is available. |
CIT final payment due date |
Taxpayers are required to pay any remaining tax balance by 30 April of the following year. |
CIT estimated payment due dates |
Corporation tax instalments are payable in advance every quarter, specifically on 31 March, 30 June, 30 September, and 31 December. |
Personal Income Tax (PIT) Rates |
|
Headline PIT rate (%) |
Chargeable income up to TTD 1 million is taxed at 25%, with any amount exceeding TTD 1 million taxed at 30%. |
Personal Income Tax (PIT) Due Dates |
|
PIT return due date |
The filing deadline for tax returns with the Board of Inland Revenue (BIR) is 30 April immediately succeeding the conclusion of the tax year. A standard extension period of six months extends this deadline to 31 October. |
PIT final payment due date |
Any outstanding tax balance must be settled on or before 30 April of the subsequent tax year. |
PIT estimated payment due dates |
Self-employed individuals are required to pay income tax in advance on 31 March, 30 June, 30 September, and 31 December each year. Conversely, employers must deduct Pay As You Earn (PAYE) from employees' salaries on a monthly basis and remit these deductions to the Board of Inland Revenue (BIR) by the 15th day of the following month. |
Value Added Tax (VAT) Rates |
|
Standard VAT rate (%) |
12.5% |
Withholding Tax (WHT) Rates |
|
WHT rates (%) (Dividends/Interest/Royalties) |
Resident: 0 / 0 / 0; Non-resident: 3 or 8 / 15 / 15 |
Capital Gains (CGT Rates) |
|
Headline corporate capital gains tax rate (%) |
NA |
Headline individual capital gains tax rate (%) |
NA |
Net Wealth/Worth Tax Rates |
|
Headline net wealth/worth tax rate (%) |
NA |
Inheritance & Gift Tax Rates |
|
Headline inheritance tax rate (%) |
NA |
Headline gift tax rate (%) |
NA |