Trinidad and Tobago 2012 - invesTT

Taxation
A GUIDE TO INVESTING IN TRINIDAD AND TOBAGO (2012)
Section 11
The taxation regime in Trinidad & Tobago comprises a variety of
taxes including both direct and indirect taxes.
Please note that the information contained herein may quickly
become out-dated. Persons contemplating doing business in
Trinidad and Tobago should seek legal advice with regard to
proposed or contemplated ventures.
In Trinidad & Tobago, the principal direct taxes are:
Corporation Tax: A tax rate of 25% on profits and short-term
gains of companies accruing in Trinidad & Tobago and includes a
business levy (Corporation Tax Act).
Income Tax: A tax of 25% on chargeable income of individuals
accruing in Trinidad & Tobago.
Unemployment Levy: A tax at the rate of 5% on the profits of
companies subject to the Petroleum Taxes Act. (Unemployment
Levy Act).
Business Levy: A tax on gross revenue at a rate of 0.2% payable
quarterly. Final liability is offset by corporation tax payable at yearend.
Green Fund Levy: A tax on gross revenue at the rate of 0.1%
payable quarterly.
Health Surcharge: A tax levied at two rates based on income.
Petroleum Profits Tax: A tax at the rate of 50% on the profits
earned by businesses in the course of petroleum operations falling
under the Petroleum Taxes Act.
Supplemental Petroleum Tax: A tax charged on the gross income
of companies liable to petroleum profits tax based on the price of
oil.
Lands and Buildings Taxes: A tax based on the assessed value of
lands and buildings. (Stamp Duty Act).
Withholding Taxes: A tax based on various income payments to
non-residents. (Double Taxation Treaties).
The principal indirect taxes are:
Value Added Tax (VAT): A tax levied on imports and on the value of
supplies of goods and services. (VAT Act).
Customs and Excise Duties: A tax on imports and manufactured
goods. (Customs Act).
Import Surcharge: A tax on imports.
Stamp Duty: A tax on instruments such as deeds of lease, conveyances,
mortgages and share transfers. (Stamp Duty Act).
Financial Services Tax: A tax at the rate of 15% on financial
transactions with banks and other financial institutions.
Motor Vehicles Tax: A tax levied on the sale of motor vehicles.
Income Tax - Corporations
Under the Corporation Tax Act, “corporations” or “companies”
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