Trinidad and Tobago
Trinidad and Tobago, with its capital in Port of Spain, gained its independence in 1962. It is one of the most prosperous countries in the Caribbean, largely due to petroleum and natural gas production and processing.
The official language of Trinidad and Tobago is English, and the currency is the Trinidad and Tobago dollar (TTD).
Trinidad and Tobago has earned a reputation as an excellent investment site for international businesses. Growth has been fuelled by investments in liquefied natural gas, petrochemicals, and steel. Additional petrochemical, aluminium, and plastics projects are in various stages of planning.
Trinidad and Tobago is one of the leading Caribbean producers of oil and gas, and its economy is heavily dependent upon these resources, but it also supplies manufactured goods, notably food products and beverages, as well as cement, to the Caribbean region. The country is also a regional financial centre, and tourism is a growing sector, although it is not as important domestically as it is to many other Caribbean islands. The economy benefits from a growing trade surplus.
PwC Trinidad and Tobago's Tax practice is comprised of talented individuals with the experience and expertise to offer our clients the highest quality service in all areas of tax compliance and tax planning. The firm provides advice on a wide range of issues that could have a significant impact on a company's tax liabilities. Some of these include:
- The corporate structures most suitable to the business needs of incoming investors.
- The range of fiscal and other initiatives available in Trinidad and Tobago.
- The tax implications of alternative financial structures.
- The tax implications of cross-border transactions involving related party and other non-resident parties.
- Treatment of accounting items, such as capital gains or losses, dividends, interest, etc.
- Tax efficiency of mergers and acquisitions.
- Double tax treaties (DTTs) and their implications for local and foreign investors.
- Retirement and executive compensation plans and their tax implications.
- The applicability of value-added tax (VAT) to business transactions, including international operations.
|Corporate income tax (CIT) rates|
|Headline CIT rate (%)||
30 (35% for commercial banks and petrochemical companies)
|Corporate income tax (CIT) due dates|
|CIT return due date||
The taxpayer is required to file a tax return with the Board of Inland Revenue (BIR) by 30 April following the end of the fiscal period. There is an automatic six month extension to 31 October.
|CIT final payment due date||
Any balance of tax due is payable on or before 30 April of the following year.
|CIT estimated payment due dates||
Corporation tax is payable quarterly in advance on 31 March, 30 June, 30 September, and 31 December.
|Personal income tax (PIT) rates|
|Headline PIT rate (%)||
25% on chargeable income up to TTD 1 million;
any income in excess of TTD 1 million is taxed at 30%.
|Personal income tax (PIT) due dates|
|PIT return due date||
The taxpayer is required to file a tax return with the Board of Inland Revenue (BIR) by 30 April following the end of the tax year. There is an automatic six-month extension to 31 October.
|PIT final payment due date||
Any balance of tax due is payable on or before 30 April following the end of the tax year.
|PIT estimated payment due dates||
For self-employed persons, income tax is due in advance on 31 March, 30 June, 30 September, and 31 December. For employees, the employer must deduct PAYE on a monthly basis and remit to the BIR by the 15th day of the month following the month for which the deduction was made.
|Value-added tax (VAT) rates|
|Standard VAT rate (%)||
|Withholding tax (WHT) rates|
|WHT rates (%) (Dividends/Interest/Royalties)||
Resident: 0 / 0 / 0;
Non-resident: 3 or 8 / 15 / 15
|Capital gains tax (CGT) rates|
|Headline corporate capital gains tax rate (%)||
|Headline individual capital gains tax rate (%)||
|Net wealth/worth tax rates|
|Headline net wealth/worth tax rate (%)||
|Inheritance and gift tax rates|
|Headline inheritance tax rate (%)||
|Headline gift tax rate (%)||