![]() Buying an annuity now can help lower your tax bill and provide a guaranteed source of income later in life. One advantage of an approved deferred annuity is that the contributions are tax deductible. ![]() If you change your name or address you must inform the Inland Revenue Division (IRD) to ensure that you continue to receive important tax documents. Changing your Name or Address at Inland Revenue.Stamp Duty is a tax that you must pay when carrying out certain transactions that require legal documents.Īny taxpayer who is in disagreement with their tax assessment has the right to object in writing within fifteen days of receipt of his or her assessment, clearly stating the grounds for objection. The government allows you to deduct certain payments and expenses from your declared income, which reduces the amount of tax you must pay. There are a number of ways you can reduce your personal tax liability. The Income tax Rules 1962 and Income Tax Act 1961 mandates the citizens to file tax return at the end of every financial year with the income tax department. ![]() Non-residents must visit the International Tax Unit of the IRD for evaluation and to determine their tax liability in Trinidad and Tobago. Income Tax Return Form: How to download ITR Forms Income Tax Return Form Income Tax Return Form is specifically designed for salaried individuals to file income tax returns. Individuals and businesses must also register if they forecast sales of TT$200,000.00 or more in a twelve-month period. Individuals or businesses that sell goods or services worth TT$200,000.00 or more in a twelve-month period must register for VAT. ![]() Individuals pay income tax and health surcharge on their income. Individuals and businesses are required by law to pay various forms of tax. The following are links to important information to assist you to fulfill your tax obligations, and to inform you of your rights and responsibilities in complying with the tax laws and regulations of Trinidad and Tobago:Īll employees, sole traders, partnerships and companies are legally obligated to register for a Board of Inland Revenue (BIR) file number to be used in payment of taxes and filing of returns.Ī Tax Clearance Certificate confirms that an individual or business is in compliance with government tax requirements.
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