Trinidad and Tobago Corporate Income Tax

Corporation tax rates and base

• Standard corporation tax rate — 30% percent (Corporation Tax Act (Chap. 75:02))
• Banks and petrochemical companies rate — 35% percent (Corporation Tax Act (Chap. 75:02))
• Petroleum production companies rate — 50% (standard); 30% for deep-sea production percent (Petroleum Taxes Act (Chap. 75:04))
• SMEs newly listed on the TT Stock Exchange — 0% for first 5 years, then 15% for the next 5 years percent ((approx — confirm)) (Corporation Tax Act (Chap. 75:02))
• Special Economic Zone entities rate — 15% percent (Trinidad and Tobago Special Economic Zones Act)
• Tax base — Chargeable profits (accounting profit adjusted for tax) plus chargeable short-term capital gains (Corporation Tax Act (Chap. 75:02))
• Business Levy — 0.6% of gross revenue/receipts, payable where it exceeds the corporation tax liability (exempt below TTD 360,000 turnover) percent (Corporation Tax Act (Chap. 75:02))
• Green Fund Levy — 0.3% of gross income, non-deductible, payable quarterly percent (Miscellaneous Taxes Act (Chap. 77:01))
• Withholding tax on dividends to non-residents — 10% (non-treaty); reduced or 0% under double tax treaties (e.g. 0% within CARICOM) percent (Income Tax Act (Chap. 75:01))
• Withholding tax on interest to non-residents — 10% to non-resident individuals; 8% to non-resident companies (non-treaty) percent ((approx — confirm)) (Income Tax Act (Chap. 75:01))
• Withholding tax on royalties to non-residents — 15% (non-treaty); reduced under double tax treaties percent (Income Tax Act (Chap. 75:01))
• Withholding tax on payments to residents — 0% on dividends, interest and royalties paid to resident companies/individuals (Income Tax Act (Chap. 75:01))
• Corporation tax return deadline — 30 April following the end of the income year (Corporation Tax Act (Chap. 75:02))
• Quarterly tax instalments — Payable on 31 March, 30 June, 30 September and 31 December; balance due by 30 April (Corporation Tax Act (Chap. 75:02))