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Trinidad and Tobago

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About

Trinidad and Tobago

Capital
Official languages
Population 
Currency

ISO 4217

Port of Spain

English

1,399,488 (as of 2020)

Trinidad and Tobago Dollar

TTD

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Economy

Trinidad and Tobago is an island nation located in the Caribbean Sea. It has a population of 1.4 million people and a GDP of $31.2 billion. The economy of Trinidad and Tobago is largely driven by the energy sector, which accounts for 40% of GDP and 80% of exports. The country is the largest producer of oil and natural gas in the Caribbean, and is the fifth-largest producer of liquefied natural gas in the world. The energy sector is supported by a strong manufacturing sector, which accounts for 15% of GDP and employs over 20% of the workforce. The manufacturing sector is largely focused on the production of petrochemicals, steel, aluminum, and other industrial products. The services sector is also an important part of the economy, accounting for 45% of GDP and employing over 60% of the workforce. The services sector is largely driven by tourism, finance, and telecommunications. Overall, Trinidad and Tobago has a strong and diversified economy, with a GDP per capita of $22,000, making it one of the wealthiest countries in the Caribbean.

Taxation

In Trinidad and Tobago, there is a system of taxation for both corporate and personal entities. The tax system is overseen by the Trinidad and Tobago Revenue Authority (TTRA).


Corporate Tax: Companies registered in Trinidad and Tobago are subject to a corporate tax rate of 25% on their taxable profits. Small companies with annual taxable profits of less than TT$1 million are subject to a lower tax rate of 20%. Companies must file a corporation tax return and pay any taxes owed within four months of the end of their financial year.


Personal Income Tax: Individuals are subject to a progressive income tax system, with tax rates ranging from 0% to 30% depending on their income level. For the tax year 2022, the tax-free threshold is TT$72,000, with tax rates ranging from 0% to 30% on income above that threshold. Individuals must file an income tax return and pay any taxes owed by April 30th of the year following the tax year.


Value Added Tax (VAT): Trinidad and Tobago has a VAT system in place, with a standard rate of 12.5% on most goods and services. Some items, such as basic food items, pharmaceuticals, and educational materials, are exempt from VAT. Businesses must register for VAT if their annual taxable turnover exceeds TT$500,000. VAT returns must be filed and any taxes owed must be paid on a monthly or quarterly basis.


Property Tax: Property owners in Trinidad and Tobago are subject to an annual property tax, which is calculated based on the assessed value of the property. The property tax rate is currently 3% of the assessed value for residential properties and 5% for commercial properties. Property owners must file a property tax return and pay any taxes owed by the last business day in September each year.


Other Taxes: There are also other taxes in Trinidad and Tobago, such as withholding taxes on dividends, interest, and royalties paid to non-residents, as well as various import and excise taxes on certain goods and services.


Taxpayers in Trinidad and Tobago can file and pay their taxes online through the TTRA website, or through authorized banks and other financial institutions. The TTRA provides a calendar of tax deadlines and due dates for each tax type, which is available on their website.

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