Home | Services | Information Technology | Current Issues | Contact Us | Client Access



1.  Unchanged Tax Rates
The following taxation measures remain unchanged for calendar year 2004:
Individual Income tax   - 25% up to $50,000 chargeable income
                                  - 30% greater than $50,000 chargeable income
Corporation Tax           - 30%
Business Levy              - 0.2% of gross sales
Green Fund Levy          - 0.1% of gross sales
2.  Personal Allowance
Individuals under the age of 60 years - $25,000
Individuals over the age of 60 years   - increase from $30,000 to $40,000

as of January 1, 2004.
3.  NIS Retirement Pension
Increased to a minimum of $1000 per month per person with effect from
October 1, 2003.
4.  Removal of Tax on Savings
Elimination of the 5% tax on Interest Income earned by resident individuals who invest their money in Trinidad & Tobago.
5.  Allowance for Pensioners
An increased allowance is being looked at for 2004.
6.  Allowance for Sports, Art & Culture
An allowance of 150% of the actual expenses incurred up to a maximum of $1,000,000 - an increase from a maximum of $450,000.
7.  Increases in fees payable on Gambling Tables and Other Devices
Slot machines                       - increase from $2,000 to $10,000 per annum
Regular Poker Tables            - increase from $8,000 to $20,000 per annum
Other Specified Tables
(eg. Baccarat & Roulette)       - increase by 25% per annum
Unspecified Tables & Devices - $10,000 per annum
These increases will take place with immediate effect.

8.  Increase in Gasoline prices
New unleaded 92 Ron grade  - retail pump price of $2.70 per litre
Leaded 95 Ron grade            - retail pump price increase from        
                                                $2.45 to $2.70 per litre
Unleaded 95 Ron grade         - retail pump price increase from
                                                $2.85 to $3.00 per litre
Auto Diesel & Kerosene         - retail pump unified price of $1.50
                                                per litre
These adjustments will take place with immediate effect.
9.  Increase in the Disability Grant
From December 1, 2003 the disability grant will be increased from $600
to $650 per month and the minimum qualifying age will be reduced from
40 to 18 years.

Proposed Tax Reforms


-The Government, in a bid to collect its fair share of revenues, will undertake in 2004, a comprehensive review of the Tax Administration to ensure a much higher level of tax compliance. In this regard a Revenue Authority will be established that will bring together the Inland Revenue Division and the Customs and Excise Division into a single entity.
-There is concern that the contribution from VAT has been declining since 1998 due to an increase in the number of zero-rated and exempt items and a system that has encouraged evasion and fraud. To address these concerns, a committee has been set up to undertake a comprehensive review of the VAT regime.
-To facilitate an expansion of the Agro-processing sector it is proposed that an initial allowance of 100% be applied to capital expenditure in plant and equipment for approved activities. There will be a reform of the support arrangements for the agricultural sector as well as the introduction of tax credits and investment allowances