Trinidad and Tobago

Individual - Significant developments

Last reviewed - 22 February 2021

Finance Act 2020 was assented to on 24 December 2020, and the following amendments are effective 1 January 2021: 

  • The Income Tax Act was amended to increase the annual personal allowance of an individual who is resident in Trinidad and Tobago, as well as an individual who is not resident in Trinidad and Tobago and in receipt of pension income accruing or derived from Trinidad and Tobago, from 72,000 to 84,000 Trinidad and Tobago dollars (TTD).
  • The stamp duty threshold for exemption was increased from TTD 1.5 million to TTD 2 million for first-time homeowners.