Trinidad And Tobago To Cut VAT Rate From Feb 1
by Mike Godfrey, Lowtax.net, Washington
05 January, 2016
Trinidad and Tobago will cut its headline value-added tax rate from 15 percent to 12.5 percent from February 1.
The measure was included in the 2016 Finance Bill, which will be presented to the House of Representatives for its approval on January 8.
Other measures included in the Bill will apply from the beginning of the year. Once approved by the House, the personal allowance will be increased to TTD72,000 (USD11,000), the Green Fund Levy and the Business Levy will be hiked, and the property tax will be reinstated.
The Finance Ministry said: "It should be noted that although the Finance Bill and the amendments to the Property Tax Act will be introduced in Parliament in January 2016, these latter taxes and measures... will be made effective from the beginning of 2016 because they are due and payable, and/or effective, on a quarterly or annual basis, as opposed to VAT, which is due and payable on a bi-monthly basis."
See all of today's news