Trinidad and Tobago: Tax measures proposed in 2021 budget
Trinidad and Tobago: Tax measures proposed, 2021 budget
Following the August 2020 general election, the Minister of Finance presented the 2021 budget statement that includes tax-related measures.
Among the tax measures proposed for 2021 are the following items:
- Relief from tax on purchases of digital equipment, mobile phones, software, and computer accessories
- Waiver of stamp duty for first-time homeowners
- Waiver of tax on imported construction material for approved building projects
- Increase in the rate of allowance for wear and tear for plant and equipment, from 25% to 30%
- Increase in the deduction for approved property development companies; increased to 20% (from 15%) of the capital expenditure incurred in the construction of commercial, industrial or multi-family residential buildings completed on or before 31 December 2024
- Increase in the supplemental petroleum tax threshold for imposition of the tax, from U.S. $50 per barrel to U.S. $75 per barrel
- Restoration of the value added tax (VAT) at a rate of 12.5% on “luxury items” including lobster, escargots, smoked salmon, pâté, clams, strawberries, champagne, apples, and grapes
Read an October 2020 report [PDF 3.78 MB] prepared by the KPMG member firm in Trinidad and Tobago
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