The following are links to important information to assist you to fulfill your tax obligations, and to inform you of your rights and responsibilities in complying with the tax laws and regulations of Trinidad and Tobago:
- Applying for BIR File and PAYE Number
All employees, sole traders, partnerships and companies are legally obligated to register for a Board of Inland Revenue (BIR) file number to be used in payment of taxes and filing of returns.
- Applying for Tax Clearance Certificate
A Tax Clearance Certificate confirms that an individual or business is in compliance with government tax requirements.
- Paying Your Taxes
Individuals and businesses are required by law to pay various forms of tax. Individuals pay income tax and health surcharge on their income.
- Registering for VAT
Individuals or businesses that sell goods or services worth TT$200,000.00 or more in a twelve-month period must register for VAT. Individuals and businesses must also register if they forecast sales of TT$200,000.00 or more in a twelve-month period.
- Tax Evaluation of Non-Residents
Non-residents must visit the International Tax Unit of the IRD for evaluation and to determine their tax liability in Trinidad and Tobago.
- Reducing Taxes
There are a number of ways you can reduce your personal tax liability. The government allows you to deduct certain payments and expenses from your declared income, which reduces the amount of tax you must pay.
- Paying Stamp Duty
Stamp Duty is a tax that you must pay when carrying out certain transactions that require legal documents.
- Making Tax Assessment Queries
Any taxpayer who is in disagreement with their tax assessment has the right to object in writing within fifteen days of receipt of his or her assessment, clearly stating the grounds for objection.
- Changing your Name or Address at Inland Revenue
If you change your name or address you must inform the Inland Revenue Division (IRD) to ensure that you continue to receive important tax documents.
One advantage of an approved deferred annuity is that the contributions are tax deductible. Buying an annuity now can help lower your tax bill and provide a guaranteed source of income later in life.