Trinidad and Tobago

Taxable period

The tax year corresponds to the calendar year in Trinidad and Tobago.

Tax returns

Tax returns must be filed by 30 April of the year following the calendar or accounting year-end. An automatic six-month grace period is allowed, following which a penalty of TTD 100 accrues for every six months or part thereof that the return remains unfiled. Tax returns are filed for income earned in a calendar year (which coincides with the tax year) except in the case of a sole trader or partnership, where filing is done according to the accounting terminal date.

Resident individuals earning only employment income are not required to file a tax return.

Each individual must file a separate tax return. There is no provision for joint filing by husband and wife.

Payment of tax

Income tax is deducted at source on all employment income under the pay-as-you-earn (PAYE) system. Any shortfall of taxes deducted at source should be settled by the due date (i.e. 30 April following the year of income).