Trinidad and Tobago: Living There - Tax Issues
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Living There
INDIVIDUAL TAXATION
Residents are taxed on their worldwide income. Married couples are assessed separately in Trinidad and Tobago.
INCOME TAX
Income earned by individuals is taxed at a flat rate of 25%. All taxpayers are entitled to a personal allowance of TTD60,000 (US$9,613) annually.
Health Surcharge
Individuals earning income is liable to pay health surcharges. The actual amount of health surcharge payable depends on the taxpayer’s monthly income.
HEALTH SURCHARGE |
|
| Monthly Income, TTD (US$) | |
| Up to 470 (US$75) | 4.80 (US$0.77)/week or 19.20 (US$3.08)/month |
| Over 470 (US$75) | 8.25 (US$1.32)/week or 33 (US$5.29)/month |
Business Levy
A “business levy” is imposed at 0.2% on gross receipts greater than TTD200,000 (US$32,043) of companies or individuals, other that emolument income. However in the case that income tax is payable, business levy can simply be deducted from the income tax credit entitlement.
RENTAL INCOME
Rental income earned by individuals is taxed at a flat rate of 25%. The taxable rental income is computed by deducting income-generating expenses from the gross income. Deductions against rental income include maintenance & repair costs, insurance, rates & taxes, gas, electricity, telephone, security, pest control, wear & tear (depreciation) on furniture, fittings, and equipment; and interest expense.
CAPITAL GAINS
Capital gains accruing on the disposal of an asset within twelve months of acquisition are taxable under the Income Tax Act at a flat rate of 25%. Otherwise, there is no capital gains tax.
PROPERTY TAX
Land Tax
Real property owners are required to pay an annual land tax of TTD10 (US$1.60) per acre.
Buildings Tax
Buildings tax is levied at 7.5% of the annual capital value. Property owners are liable to pay this tax.
Trinidad and Tobago - more data and information
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