DOING BUSINESS IN TRINIDAD & TOBAGO Types of Taxes Imposed In Trinidad & Tobago, the principal direct taxes are: Corporation Tax: A tax on the profits and short term gains of companies accruing in Trinidad & Tobago and includes a business levy (Corporation Tax Act). Income Tax: A tax on income accruing in Trinidad & Tobago including withholding taxes on distributions of companies and payments to non-residents (Income Tax Act). Unemployment Levy: A tax on the profits of companies subject to the Petroleum Taxes Act. (Unemployment Levy Act). Business Levy: A tax on gross revenue at rate of .2% payable quarterly. Final liability is off set by corporation tax payable at year end. Green Fund Levy: A tax on gross revenue at the rate of .1% payable quarterly. Health Surcharge: A tax levied at two rates based on income. Petroleum Profits Tax: A tax on the profits earned by businesses in the course of petroleum operations falling under the Petroleum Taxes Act. Supplemental Petroleum Tax: A tax charged on the gross income of companies liable to petroleum profits tax based on the price of oil. Lands and Buildings Taxes: A tax based on the assessed values of lands and buildings. (Stamp Duty Act) Withholding Taxes: A tax based on various income payments to non-residents. (Income Tax Act and Double Taxation Treaties) The principal indirect taxes are: Value Added Tax (VAT): A tax levied on imports and on the value of supplies of goods and services. (Value Added Tax (VAT) Act) Customs and Excise Duties: A tax on imports and manufactured goods. (Customs Act) Import Surcharge: A tax on imports. Stamp Duty: A tax on instruments. (Stamp Duty Act) Financial Services Tax: A tax on financial transactions with banks, and other financial institutions. Motor Vehicles Tax: A tax levied on sale of motor vehicles.
Posted on: Fri, 21 Jun 2013 11:49:15 +0000
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