Title

Other Taxes

V.A.T. (VALUE ADDED TAX)

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:

  1. the value of the goods determined according to the Customs Act (c.i.f.);  together with
  2. any duties, taxes (other than VAT) and other charges that are payable upon entry of imported goods. There are special provisions for re-imports.


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.

LAND AND BUILDING TAXES

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 It repealed the Lands and Building Taxes Act Chapter 76:04.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.

NON-RESIDENTIAL TRANSFERS

  • Where the consideration for the sale does not exceed$300,000.00, the rate is 2%
  • Where the consideration for the sale exceeds $300,000.00 but does not exceed $400,000.00, the rate is 5%
  • Where the consideration for the sale exceeds $400,000.00, the rate is 7%.

MOTOR VEHICLE TAXES

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.

EXCISE DUTIES

On the manufacture of beverages at rates varying from 20 cents to $148.95 per litre. Cigarettes also attract excise duties.

 

BUSINESS LICENCES – ANNUAL FEES

The following annual fees for business licences are applicable:
  • Betting Office – $400,000 payable to the Betting Levy Board
  • Pawnbroker – $2,500 payable to the Board of Inland Revenue
  • Auctioneer, Moneylender, Video Club – $500 each, payable to the Board of Inland Revenue
  • Liquor – Varies from $300 to $6,000, payable to Comptroller of Customs & Excise.
  • Bank – $100,000 and each Branch $10,000, payable to the Central Bank
  • Business of Financial Nature –  $50,000 and each Branch $10,000, payable to the Central Bank
  • Customs Broker – $100 and Customs Clerk – $50, payable to the Customs Brokers Board
  • Old/Scrap Metal and Marine Stores – $200, payable to the Licensing Committee.

NATIONAL HEALTH SURCHARGE

Health Surcharge is paid by income earners at the following rates:

  • Over $469.99 per month – $33.00 per month
  • $469.99 and under per month – $19.20 per month


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.

NATIONAL INSURANCE CONTRIBUTIONS

Returns and contributions are made to the National Insurance Board on a monthly basis for employees.  There is at present, no compulsory scheme of contributions for the self-employed. Earning Classes and Contributions Effective 5th September 2016 (Based on 13.2% contribution rate).
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
Contributions payable by an employer in respect of employment injury coverage for an employed person who has not yet attained the age of sixteen years or who has attained the age of sixty-five years shall be as set out in Class Z, and for an unpaid apprentice shall be $1.00 per week.