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Effective 1st February 2016, the VAT rate of 15% was reduced to 12.5% on the value of imports and the value of supplies of goods and services. The value of goods imported into Trinidad and Tobago is the total of:
All businesses earning a gross income of $500,000.00 per annum and over are required to be registered with the VAT Office, Board of Inland Revenue.
VAT returns are due every 2 months (6 times per annum) and must be submitted within 8 days of the due date. The difference between output tax and input tax is payable or refundable.
The Property Tax Act 2009 provided that it would come into operation on 1st January 2010. It repealed the Lands and Building Taxes Act Chapter 76:04. The Act changed the assessment basis of land from assessment of the ‘annual rateable’ value to assessment of the ‘annual rental’ value.
Rates on residential property are 3%; commercial 5%; industrial (a) 6% where the plant and machinery are housed in a building; and (b) 3% where not housed in a building.
However, a moratorium was placed on this Act by the Government in power at the time, and the Act has not been proclaimed for the past five years.
Taxes are levied by reference to class or description of the motor vehicle, for example, private motor cars and station waggons fall within one class; taxis and maxi-taxis within another, and goods vehicles within a third class.
Tax is imposed by reference to engine size for all vehicles.
On the manufacture of beverages at rates varying from 20 cents to $148.95 per litre. Cigarettes also attract excise duties.
Health Surcharge is paid by income earners at the following rates:
Returns and contributions are made to the Board of Inland Revenue on a monthly basis for employees and quarterly for persons with income other than employment income.
Earnings Class | Weekly Earnings | Monthly Earnings | Assumed Average Weekly Earnings | Employee Weekly Contribution | Employeer Weekly Contribution | Total Weekly Contribution | Class Z Weekly |
---|---|---|---|---|---|---|---|
$ | $ | $ | $ | $ | $ | $ | |
I | 200.00 – 339.99 | 867 – 1472.99 | 270 | 11.9 | 23.8 | 35.7 | 1.79 |
II | 340.00 – 449.99 | 1473 – 1949.99 | 395 | 17.4 | 34.8 | 52.2 | 2.61 |
III | 450.00 – 609.99 | 1950 – 2642.99 | 530 | 23.3 | 46.6 | 69.9 | 3.5 |
IV | 610.00 – 759.99 | 2643 – 3292.99 | 685 | 30.1 | 60.2 | 90.3 | 4.52 |
V | 760.00 – 929.99 | 3293 – 4029.99 | 845 | 37.2 | 74.4 | 111.6 | 5.58 |
VI | 930.00 – 1119.99 | 4030 – 4852.99 | 1025 | 45.1 | 90.2 | 135.3 | 6.77 |
VII | 1120.00 – 1299.99 | 4853 – 5632.99 | 1210 | 53.2 | 106.4 | 159.6 | 7.98 |
VIII | 1300.00 – 1489.99 | 5633 – 6456.99 | 1395 | 61.4 | 122.8 | 184.2 | 9.21 |
IX | 1490.00 – 1709.99 | 6457 – 7409.99 | 1600 | 70.4 | 140.8 | 211.2 | 10.56 |
X | 1710.00 – 1909.99 | 7410 – 8276.99 | 1810 | 79.6 | 159.2 | 238.8 | 11.94 |
XI | 1910.00 – 2139.99 | 8277 – 9272.99 | 2025 | 89.1 | 178.2 | 267.3 | 13.37 |
XII | 2140.00 – 2379.99 | 9273 – 10312.99 | 2260 | 99.4 | 198.8 | 298.2 | 14.91 |
XIII | 2380.00 – 2629.99 | 10313 – 11396.99 | 2505 | 110.2 | 220.4 | 330.6 | 16.53 |
XIV | 2630.00 – 2919.99 | 11397 – 12652.99 | 2775 | 122.1 | 244.2 | 366.3 | 18.32 |
XV | 2920.00 – 3137.99 | 12653 – 13599.99 | 3029 | 133.3 | 266.6 | 399.9 | 20 |
XVI | 3138.00 and over | 13600 and over | 3138 | 138.1 | 276.2 | 414.3 | 20.72 |
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