Trinidad And Tobago Legislates For Budget Tax Changes
by Mike Godfrey, Lowtax.net, Washington
04 February, 2016
Trinidad and Tobago has newly released The Value Added Tax (Amendment to Schedule 2) Order, 2016, which replaces the list of supplies subject to a zero rate of VAT, and the Finance Act, 2016, which contains amendments to implement measures announced in the territory's Budget.
The Finance Act includes provisions that lowered the headline rate of value-added tax from 15 percent to 12.5 percent. This rate, and the revised list of zero-rated items, became effective from February 1, 2016.
The Act also includes provisions to retrospectively increase the Business Levy from 0.2 percent to 0.6 percent and increase the Green Fund Levy from 0.1 percent to 0.3 percent, both effective from January 1, 2016.
Last, the law increased the value-added tax registration threshold from TTD360,000 to TTD500,000 (USD77,350).
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