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Trinidad and Tobago: Tax proposals in 2020 budget

Trinidad and Tobago: Tax proposals in 2020 budget

The 2020 budget, as presented in October 2019, included items that focused on incentives for energy companies, the agricultural sector, life insurance companies, and on the social welfare of citizens.

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Among the tax measures proposed in the 2020 budget are the following items:

  • Adjusted capital allowances for tangible and intangible assets and loss relief reduction for the oil and gas sector
  • Reform of the taxation of life insurance companies, including a new methodology to replace the existing basis for taxation of life insurance companies
  • Repeal of all taxes and customs duties on LED bulbs and appurtenances for five years
  • Increase in the tax credit allowed for purchases of solar water heating equipment (with the tax credit increased from 25% to 100% up to a maximum of $10,000 (approximately U.S. $1,500))
  • A proposed ban on imports of Styrofoam for use in the food service industry and a requirement for manufacturers of food containers to make the biodegradable products

The measures are generally proposed to be effective 1 January 2020.
 

Read a 2019 report [PDF 5 MB] prepared by the KPMG member firm in Trinidad and Tobago

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