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Tax Rates & Schedules
Current tax rates for Trinidad and Tobago (Tax Year 2024)
Updated 2024
Individual Income Tax Rates
Progressive tax rates for individuals (Tax Year 2024)
| Taxable Income | Tax Rate | Description |
|---|---|---|
| First TT$84,000 | 0% | Tax-free threshold |
| Next TT$36,000 (TT$84,001 - TT$120,000) | 25% | Standard rate |
| Over TT$120,000 | 30% | Higher rate |
Corporate Income Tax Rates
Tax rates for companies and corporations
| Company Type | Tax Rate | Description |
|---|---|---|
| Small Companies (turnover ≤ TT$3M) | 25% | Reduced rate for small businesses |
| Large Companies (turnover > TT$3M) | 30% | Standard corporate rate |
| Manufacturing Companies | 25% | Incentive rate |
| Tourism Companies | 25% | Incentive rate |
Other Tax Rates
Rates for VAT, property tax, and other taxes
| Tax Type | Rate | Description |
|---|---|---|
| Value Added Tax (VAT) | 12.5% | Standard rate on most goods and services |
| Property Tax | 3% | On Annual Rental Value (ARV) |
| Business Levy | 0.6% | On gross sales/receipts quarterly |
| Green Fund Levy | 0.3% | On CIF value of imports |
| Unemployment Levy | 1% | On gross emoluments |
Customs Duty Rates
Import duty rates by category
| Category | Rate Range | Description |
|---|---|---|
| CARICOM Goods | 0-20% | Preferential rates for regional goods |
| Most Favoured Nation | 5-30% | Standard rates for WTO members |
| General Rates | 15-45% | Rates for non-preferential countries |
| Luxury Items | 25-45% | Higher rates on luxury goods |
Tax Allowances & Deductions
Available allowances and deductions for individuals
| Allowance/Deduction | Maximum Amount | Description |
|---|---|---|
| Personal Allowance | TT$84,000 | Annual tax-free allowance |
| Spouse Allowance | TT$84,000 | If spouse earns less than allowance |
| Child Allowance | TT$9,000 | Per child under 18 or in education |
| Life Insurance Premium | TT$50,000 | Maximum deductible premium |
| Mortgage Interest | TT$30,000 | Maximum deductible interest |
| Education Expenses | TT$12,000 | Per child for approved institutions |
Important Notes
- • Tax rates are subject to change based on annual budget announcements
- • Income tax rates apply to chargeable income after allowances and deductions
- • VAT is charged on the supply of goods and services in Trinidad and Tobago
- • Property tax is based on the Annual Rental Value (ARV) of the property
- • Business levy applies to businesses with gross sales/receipts over TT$360,000 annually
- • Customs duty rates may vary based on country of origin and trade agreements
- • Professional advice should be sought for complex tax situations