Trinidad and Tobago

Corporation Tax Act

The Corporation Tax Act was recently amended to provide for the following:

Business levy exemption 

Effective 1 January 2024, there is an exemption from business levy on revenue earned by a manufacturer from export sales.

Public and private school corporate sponsorship

Effective 1 January 2024, there is a 150% tax allowance of up to 500,000 Trinidad and Tobago dollars (TTD) on corporate sponsorship of public and private schools registered with the Ministry of Education, where the company incurs expenditure in the enhancement and promotion of education.

Cybersecurity investment tax allowance

From 1 January 2024 to 31 December 2025, there is a cybersecurity investment tax allowance of up to TTD 500,000 for companies that incur expenditure with respect to investments in cybersecurity software and network security monitoring equipment.

To qualify for the allowance, the expenditure must be made between 1 January 2024 and 31 December 2025, and where any expenditure is incurred by a company for procuring cybersecurity software and network security monitoring equipment for its own use, certification from iGovTT is required.

Property taxes

The existing waiver of property taxes ended on 31 December 2023 and makes the 2024 taxes under the Property Tax Act due by 30 September 2024.

Any taxes not paid by 30 September 2024 will incur interest at the rate of 15% from 1 October up to the date of payment, and the Board of Inland is required to issue Notices to Non-Payment to applicable landowners informing them of the same and the liability of one’s land to be distrained against or forfeited if the amount due is not paid.

Petroleum Taxes Act

The Petroleum Taxes Act was recently amended to provide for the following:

Imposition of tax chargeable for small shallow marine area producers (SSMAP)

Where the weighted average crude oil price is 75.00 United States dollars (USD) per barrel or less, no tax is chargeable.

Where the weighted average crude oil price is between USD 75.01 and USD 90.00 per barrel, the tax is 18%.

Where the weighted average crude oil price is between USD 90.01 and USD 200.00 per barrel, the tax is chargeable at rates based on the following sliding scale:

Supplemental petroleum tax (SPT) rate = base SPT rate + 0.2% (P – USD 90.00)

• Base SPT rate = 18%
• P = weighted average crude oil price in USD.

SSMAP has been defined in the Finance Act as: ’a person who carries out petroleum operations in shallow marine areas under a licence, sub-licence, or contract and produces less than 4,000 barrels of crude oil per day’.

Increase in tax chargeable for mature oil field or small marine oil field

Effective 1 January 2024, the rate of SPT for any mature marine oil field or small marine oil field increases from 20% to 25%.