Trinidad and Tobago Tax Overview

Trinidad and Tobago tax system at a glance

Trinidad and Tobago levies tax on a calendar-year basis, administered by the Inland Revenue Division (IRD) of the Ministry of Finance. Direct tax is governed primarily by the Income Tax Act and the Corporation Tax Act; an indirect VAT regime also applies.

• Tax year (year of income) — Calendar year, 1 January to 31 December (Income Tax Act (Chap. 75:01))
• Currency — Trinidad and Tobago dollar (TTD / TT$) (Central Bank of Trinidad and Tobago)
• Tax authority — Inland Revenue Division (IRD), Ministry of Finance (Inland Revenue Division)
• Individual residence basis — Residents are taxed on worldwide income; non-residents are taxed only on Trinidad and Tobago-source income (Income Tax Act (Chap. 75:01))
• Corporate residence basis — Resident companies are taxed on worldwide income; non-resident companies are taxed only on income accruing in or derived from Trinidad and Tobago (Corporation Tax Act (Chap. 75:02))
• Headline personal income tax rates — 25% on chargeable income up to TTD 1,000,000; 30% on the excess percent (Income Tax Act (Chap. 75:01))
• Headline corporation tax rate — 30% standard rate (higher rates for banks, petrochemical and petroleum companies) percent (Corporation Tax Act (Chap. 75:02))
• Value Added Tax — Yes — VAT applies at a standard rate of 12.5% percent (Value Added Tax Act (Chap. 75:06))
• Annual individual income tax return deadline — 30 April of the year following the year of income (Income Tax Act (Chap. 75:01))
• Annual corporation tax return deadline — 30 April following the end of the income year (Corporation Tax Act (Chap. 75:02))
• Green Fund Levy — 0.3% of gross income/receipts, payable by companies and partnerships percent (Miscellaneous Taxes Act (Chap. 77:01))
• Business Levy — 0.6% of gross revenue/receipts, payable where it exceeds the corporation/income tax liability percent (Corporation Tax Act (Chap. 75:02))