Trinidad and Tobago 2012 - invesTT

A GUIDE TO INVESTING IN TRINIDAD AND TOBAGO (2012)
Section 5
• Financial projections for the next five (5) calendar years
• Town and Country Planning approval
Customs
A customs declaration form (Form C-82) is prepared by a customs
broker on behalf of the importer. This form, accompanied by
supporting documents, such as an invoice from the supplier, bill of
lading, licence, if a licence was required, health certificates among
others, has to be lodged with Customs, once the goods have
arrived in Trinidad. The documents are scanned into the ASYCUDA
system, for verification and extraction of statistical information and
the duties determined accordingly.
Once the documents have been stamped by Customs and the
duties paid, an inspection is carried out at the port of entry, before
the goods are cleared.
Duties and Concessions
Raw Materials
Raw materials for approved industries are generally free of customs
duties. Refer to the Customs Act.
Plant and Machinery
The majority of capital plant and machinery is free of duty or subject
to a 2.5% rate of duty.
CARICOM Goods
Under the Caribbean Common Market (CARICOM) trade
agreement, no duty is paid on goods coming from CARICOM
member countries. For goods whose origin is outside of CARICOM,
a Common External Tariff (C.E.T.) exists. Effective July 1, 1998,
duties ranged from 0% to 20%.
Other Duty Free Goods
Under the various incentive programmes for approved projects,
imports may be free of duty.
Exporting
Exporters are required to make a declaration to Customs on the
goods to be exported prior to their export, and to have them
examined before shipping. There is a system of priority for exports
to ensure that the minimum time is spent in the declaration and
verification process. The purpose of the declaration and verification
is to prevent smuggling and ensure that restricted goods, such as
mining and fish products, are accompanied by their appropriate
licences or certificates. Customs also performs agency duties
in respect of the VAT Administration Office. Here they verify that
goods on which no VAT has been paid for the purpose of re-export,
are being exported. Items being sent abroad for repairs are also
subject to verification checks, since the duties charged on their
return would be only on the cost of the repairs.
Exporting goods out of Trinidad and Tobago may involve contact
with a number of organisations.
Media
Newspapers
Daily Newspapers:
• Trinidad and Tobago Express
• Trinidad and Tobago Newsday
• Trinidad Guardian
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