Inland Revenue releases 2025 tax code

Inland Revenue releases 2021 tax code

This year's updates to the tax code include new salary scales for PAYE contributions and deductions for employee leave and training.

Trinidad and Tobago imposes a variety of taxes administered by the Inland Revenue Division (IRD), including personal income tax, a 12.5% Value Added Tax (VAT), and a standard 30% corporation tax. Other key levies include Health Surcharge, Business Levy, Green Fund Levy, Property Tax, and Stamp Duty. No inheritance or gift taxes exist.

Key taxes in Trinidad and Tobago include:

• Income Tax & Health Surcharge: Individuals pay income tax (25% up to $1M TTD, 30% above) and a weekly health surcharge.
• Value Added Tax (VAT): A 12.5% tax applied to most goods and services, mandatory for businesses with annual revenue over $600,000 TTD.
• Corporation Tax: Standard rate of 30%, with 35% for banks/petrochemical companies and 50% for petroleum production companies.
• Business Level & Green Fund Levy: Businesses pay 0.6% of gross income (Business Levy) and 0.3% of gross revenue (Green Fund Levy).
• Withholding Tax: Up to 15% on certain payments to non-residents.
• Property Tax: Levied on land and buildings.
• Other Taxes: Includes Stamp Duty (on legal instruments), Hotel Accommodation Tax (10%), Online Purchase Tax (7% on specific items), and NIS (National Insurance) contributions.