The Tax System - Trinidad & Tobago
The principal taxes in Trinidad and Tobago are income tax, corporation tax, business levy, various petroleum taxes, value added tax (VAT), property tax, withholding tax and customs and excise duties. Other taxes include stamp duties, road traffic licence fees, local real estate taxes, and betting and gaming taxes. No inheritance or gift taxes are levied, and there are no death duties.
Legislation & Tax Laws
The Income Tax Act chapter 75:01 governs the application of income taxes on individuals and sole traders. In short, the applicable taxes are Income Tax at the rate of 25% on chargeable income or profits and Business Levy at the rate of 0.6% on gross sales or receipts in the year of income over the sum of $250,000 (S. 5A).
The Corporation Tax Act chapter 75:02 governs the application of taxes on corporations. In short, the applicable taxes are Corporation Tax at varying rates on the corporation's chargeable profits and Business Levy at the rate of 0.6% on the gross sales or receipts in the year of income over the sum of $360.000 (S. 3A).
The Petroleum Taxes Act chapter 75:04 governs the application of taxes in respect of certain petroleum operations. These taxes include unemployment levy, supplemental petroleum taxes and petroleum levy.
The Income Tax (In Aid of Industry) Act
The Income Tax (In Aid of Industry Act) chapter 85:04 makes provisions for the relief of income tax from certain industries.
The Miscellaneous Taxes Act chapter 77:01 provides for the raising of revenue by the imposition of certain taxes and primarily the Green Fund Levy which is applicable to Companies and Partnerships and levied at the rate of 0.3% of the gross sales or receipts whether or not such entity may be exempt from Corporation or Income Tax.