Trinidad and Tobago
An employed individual is not entitled to any blanket or standard deductions in computing taxable income. Such an individual may claim a deduction only for unreimbursed travel expenses incurred wholly, exclusively, and necessarily in the course of employment.
A resident individual is entitled to a deduction in respect of the following:
- Tertiary education expenses, up to a maximum of TTD 72,000.
- Aggregation of contributions to approved pension funds, annuity plans, and National Insurance, up to a maximum sum of TTD 60,000.
- Capital expenditure on conversion of a house to an approved guest house.
- 100% covenanted donations to charitable organisations and sporting bodies, up to 15% of total taxable income.
A personal allowance of TTD 84,000 is available to resident taxpayers. It is also available to non-residents who are in receipt of pension income accruing or derived from Trinidad and Tobago. Effective 1 January 2023, the personal allowance will be increased to TTD 90,000.
A self-employed individual carrying on a trade, business, profession, or vocation may deduct those expenses incurred wholly and exclusively in the production of such income.
Promotional expenses incurred by professionals in the construction sector or persons employed in agriculture in the expansion of existing markets or the creation of new markets for the export of services or locally produced goods are deductible as an expense at 150% of the actual outlay.