• Tax

    In collaboration with a leading local accountancy firm, OBG provides an overview of the tax system, including information on corporate, sales and income taxes. Other topics include repatriation of profits, capital movements, investment incentives, Customs duties and free zones.
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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.

 

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)...

Chapter | Tax from The Report: Trinidad & Tobago 2018

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.

Optimism is returning to Trinidad and Tobago after years of recession. With the IMF forecasting GDP expansion of 1% in 2018 and 0.9% in 2019, the government now has the opportunity to shift their focus from tackling short-term economic problems to implementing long-term reforms and policy initiatives.

 

In 2017 we predicted that the businesses of Papua New Guinea would be optimistic, despite the challenging year that lay ahead. Thinking about the coming period, we continue to be concerned with how the economy can deliver effectively for our society as we learn how to operate in an environment of fiscal management challenges and growing...

 

The 2018 national budget is the country’s first in the new Medium-Term Revenue Strategy (MTRS) that runs from 2018 through to 2022. Budget and tax changes are created to align with the MTRS, which in turn is guided by the government’s 100-day plan and the Alotau Accord II that was signed in August 2017 by Prime Minister Peter O’Neill and eight...