iCalculator™ TT: Trinidad and Tobago Tax Calculators
Welcome to iCalculator™ TT, your comprehensive suite of free tax calculators for Trinidad and Tobago. iCalculator™ has provided free tax calculators for Trinidad and Tobago since 2016. Since those early days we have extended our resources for Trinidad and Tobago to includes Tax Guides, Tax Videos and enhanced the tax calculators and supporting tax information. The Trinidad and Tobago Tax Calculator and salary calculators within our Trinidad and Tobago tax section are based on the latest tax rates published by the Tax Administration in Trinidad and Tobago. In this dedicated Tax Portal for Trinidad and Tobago you can access:
Trinidad and Tobago Tax Calculator 2023/24
The Trinidad and Tobago Tax Calculator below is for the 2023 tax year, the calculator allows you to calculate income tax and payroll taxes and deductions in Jamaica. This includes calculations for
- Employees in Trinidad and Tobago to calculate their annual salary after tax.
- Employers to calculate their cost of employment for their employees in Trinidad and Tobago.
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Discover Trinidad and Tobago
Trinidad and Tobago is located in the Caribbean, situated off the northeastern coast of Venezuela and south of Grenada in the Lesser Antilles. It consists of two main islands, Trinidad and Tobago, and numerous smaller landforms. Trinidad is the larger and more populous of the two islands, while Tobago is smaller and located to the northeast of Trinidad. The country is known for its diverse culture, vibrant festivals such as Carnival, and beautiful tropical landscapes. The proximity to the South American continent has a significant influence on the culture and environment of these islands.
Overview of Taxation in Trinidad and Tobago
Taxation in Trinidad and Tobago encompasses various tax types, each with its own set of rules and compliance requirements. Understanding these is crucial for individuals and businesses operating within the country. This overview provides a general guide to the different tax types and compliance aspects in Trinidad and Tobago.
1. Income Tax
Income tax in Trinidad and Tobago is levied on both individuals and companies. For individuals, it applies to earnings from employment, business, and investment. Companies are taxed on their profits. Compliance involves annual tax returns and adherence to deadlines set by the Board of Inland Revenue.
2. Corporation Tax
Corporation tax is a tax on the profits of companies operating in Trinidad and Tobago. The tax rate varies depending on the industry and type of business. Corporations must file annual tax returns and make payments by specified dates.
3. Value Added Tax (VAT)
VAT is a consumption tax added to the price of goods and services. Businesses with a certain level of annual sales are required to register for VAT. Registered businesses must charge VAT on their sales, file regular VAT returns, and pay any VAT due.
4. Withholding Tax
Withholding tax applies to certain types of payments made to non-residents, such as dividends, royalties, and interest. The payer is responsible for deducting the tax and remitting it to the authorities.
5. Property Tax
Property tax is levied on land and buildings. Property owners must declare their property and pay the tax based on its assessed value. The rate varies depending on the type and location of the property.
6. Customs and Excise Duties
Customs and excise duties are levied on certain imported and locally manufactured goods. The rates and types of goods affected vary. Compliance involves accurate declaration and payment of duties at ports of entry or manufacture.
7. Payroll Taxes
Employers are responsible for withholding and remitting payroll taxes from employees' salaries. These include contributions to national insurance, health surcharge, and other statutory deductions.
8. Compliance and Reporting
Compliance with Trinidad and Tobago's tax laws involves timely filing of returns, accurate reporting of income and transactions, and payment of taxes due. Late filings and payments can result in penalties and interest charges.
Understanding the tax landscape in Trinidad and Tobago is essential for ensuring compliance and making informed financial decisions. Whilst we provide a comprehensive suite of Free tax tools and guides iCalculator™ TT users are advised to consult with tax professionals for specific advice and assistance with their tax obligations before making any decisions.