Trinidad and Tobago: Taxes and Costs
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Rental income tax is very high
INDIVIDUAL TAXATION
Non-residents are taxed on their income from Trinidad and Tobago. Married couples are assessed separately.
INCOME TAX
Income from all sources is taxed at a flat rate of 25%. Residents are not entitled to tax deductions.
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 non-resident individuals not engaged in trade or business in Trinidad and Tobago is subject to a flat withholding tax rate of 20%.
Rental income earned by non-resident individuals engaged in trade or business in Trinidad and Tobago is subject to 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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