Trinidad and Tobago: Tax measures proposed in 2023 budget

Tax-related proposals in budget

Tax-related proposals in budget

Article Posted date 30 September 2022

The Minister of Finance on 26 September 2022 presented the 2023 budget that includes tax-related proposals.

Among the tax measures proposed for 2023 are the following items:

  • Increase in the value added tax (VAT) registration threshold from $500,000 to $600,000* per year
  • Waiving of VAT on new equipment for manufacturing companies utilizing alternate energy technologies or renewable energy options
  • Approved agricultural holdings to receive rebates of up to $25,000 for the implementation of renewable energy
  • Introduction of three-tiered subsidy structure for construction of housing based on the land topography
  • One-time manufacturing tax credit of up to $50,000 for companies which make an investment in new machinery, production lines and equipment
  • Increase in the investment tax credit for energy companies from 25% to 30%
  • Increase in the current supplemental petroleum tax for small onshore oil producers
  • One-time tax credit of up to $50,000 for approved electronic payment providers and/or e-money issuers
  • Decrease in the current 35% rate of petroleum profit tax to 30% for companies engaged in deep water exploration
  • Tax amnesty on penalties and interest on taxes owed up to and including the year ending 31 December 2021, from 14 November 2022 to 17 February 2023
  • Expansion of the exemption of approved small companies from the payment of corporation tax from a period of five years to six years

Read a September 2022 report [PDF 2.24 MB] prepared by the KPMG member firm in Trinidad and Tobago

*All amounts are in TT$ 

 

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