Trinidad and Tobago
Social security contributions
There is a social security tax, referred to as National Insurance, that is deducted at source at varying rates. The maximum rate is TTD 414.30 per week for monthly income over TTD 13,600, which is payable TTD 276.20 by the employer and TTD 138.10 by the employee. 70% of such contributions are deductible by a resident individual in arriving at taxable income.
A health surcharge is payable by all individual taxpayers and is deducted at source by employers. The maximum rate is TTD 8.25 per week for monthly income over TTD 470.
Value-added tax (VAT)
VAT is applicable to a wide range of goods and services. The standard rate applicable to commercial supplies is 12.5%.
See the Other taxes section in the Corporate summary for more information.
Net wealth/worth taxes
There are no net wealth/worth taxes in Trinidad and Tobago.
Inheritance, estate, and gift taxes
There are not inheritance, estate, or gift taxes in Trinidad and Tobago.
Insurance premium tax
A tax on general insurance premiums at the rate of 6% is imposed. Excluded are long-term (life) insurance business, commercial insurance relating to ships and aircraft, loss of or damage to goods in international transit, risks arising outside Trinidad and Tobago, and reinsurance. The 6% tax is collected from policyholders and paid over to the Board of Inland Revenue (BIR) by the insurance company.