Trinidad & Tobago Taxation Sector Research Highlights

Viewpoint

Brian Hackett, Territory Senior Partner, PwC Trinidad and Tobago: Viewpoint
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Viewpoint:Brian Hackett Traditionally, T&T has generated the majority of its revenue from its once buoyant oil sector, and more recently, from natural gas. Despite recent growth in the manufacturing and non-energy sector, as well as the current administration’s attempt to curtail spending, the decline in revenue from oil and gas streams has seen successive administrations struggle to effectively…

Overview

Overview of and recent changes to Trinidad and Tobago's tax regime
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Trinidad and Tobago has traditionally generated the majority of its revenue from its once-buoyant oil and gas sector. However, despite recent growth in the manufacturing and non-energy sector, the sharp decline in energy revenue has seen the government struggle with fiscal measures to keep the economy afloat. For example, despite amendments to the Property Tax Act, the mechanisms are still…

Country Report

The Report: Trinidad & Tobago 2020
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The twin-island nation of Trinidad and Tobago is located in the southern end of the Caribbean, just off the coast of Venezuela. Its rich and varied heritage lends itself to a vibrant society and cuisine derived from an array of ethnicities and religions. On the back of elevated global oil prices, T&T has gone through a period of rapid economic expansion in recent decades, resulting in higher leve

Chapter

The Report: Trinidad & Tobago 2020: Tax
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In conjunction with PwC, this chapter explores the taxation system and Trinidad & Tobago’s efforts to build an investor-friendly environment. It also contains a viewpoint from Brian Hackett, Territory Senior Partner, PwC Trinidad and Tobago.…

Overview

New changes to Trinidad and Tobago's tax code
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Trinidad and Tobago has traditionally generated the majority of its revenue from its once-buoyant oil and gas sector. Today, however, the sharp decline of energy revenue has led to a shift in the tax landscape, with the government seeking to diversify its sources of income and reduce leakages. One such change came with the Finance Act No. 15 of 2017, which was enacted on December 19, 2017 and took…

Viewpoint

Brian Hackett, Territory Senior Partner, PwC Trinidad and Tobago: Viewpoint
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Viewpoint: Brian Hackett A sluggish and largely non-diversified economy, coupled with difficulties collecting taxes, has burdened T&T for the last few years. The declines of both hydrocarbon production and prices have severely reduced tax revenues from the energy sector. Receipts from petroleum fell from over TT$20bn ($2.9bn) in 2014 to less than TT$1bn ($148.3m) in 2016. Tax revenues as a whole,…

Country Report

The Report: Trinidad & Tobago 2018
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Optimism is returning after years of recession, despite the fourth quarter of 2017 seeing real economic activity contract by 1.2% year-on-year and the IMF putting growth for the whole year at -2.6%. The organisation forecasts expansion of 1% in 2018 and 0.9% in 2019, with the government now having the opportunity to shift their focus from tackling short-term economic problems to implementing long-

Chapter

The Report: Trinidad & Tobago 2018: Tax
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In conjunction with PwC, OBG explores Trinidad and Tobago’s taxation system, examining a wide range of areas of special interest to international investors, such as income and corporate tax, petroleum profit tax, withholding tax, VAT and customs tax, among others. This chapter features a viewpoint with Brian Hackett, Territory Senior Partner, PwC Trinidad and Tobago.…

Economic News

Wide-ranging tax reforms to boost Trinidad and Tobago’s revenue collection
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Trinidad and Tobago is enacting sweeping changes to its tax system, with the government to establish a new revenue authority and implement a series of reforms as part of efforts to bolster state revenues and address recent fiscal imbalances. In October the government announced the creation of the T&T Revenue Authority (TTRA), the new agency responsible for overseeing tax collection in the country. The…

Overview

Trinidad & Tobago's recent tax changes and regulations
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For many years, Trinidad and Tobago has maintained a flat tax rate of 25%. This has since changed following the 2016/17 National Budget, which was introduced in September 2016. Effective January 1, 2017, individuals and companies whose chargeable income is in excess of TT$1m ($149,000) will be charged at a tiered rate. The progressive tax system allows the first TT$1m ($149,000) to be taxed…

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