Trinidad And Tobago's VAT Cut Takes Effect
by Mike Godfrey, Lowtax.net, Washington
02 February, 2016
The reduction in Trinidad and Tobago's headline value-added tax rate, from 15 percent to 12.5 percent, took effect on February 1.
VAT registrants with a filing period from January to February will be required to complete two returns, as opposed to the usual requirement to file one return for this period, in order to account for the different rates in each month.
In addition to the change in VAT rate, the range of exempt items has also been altered. A number of food items that were previously zero-rated are now subject to VAT, leaving only the most basic foods on the list of exempt items.
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