Trinidad 2025 Budget Proposals: Tax and VAT Changes

  • Oct, Fri, 2024
  • ICTS


The Ministry of Finance of Trinidad and Tobago presented the 2025 budget statement, detailing several proposed measures.

 

The proposals include:

  • Tax and NIS Amnesty: An amnesty for unpaid taxes and National Insurance Scheme (NIS) payments from October 1 to December 31.
  • Tax Exemptions on Sporting Equipment: Starting January 1, 2025, all sporting equipment—excluding clothing—will be exempt from taxes and duties.
  • Tax Exemptions on EV Charging Equipment: Effective January 1, 2025, all electric vehicle (EV) charging equipment and related accessories will be exempt from taxes and duties.
  • VAT Refunds via Bonds: Value-added tax (VAT) refunds will be issued through interest-bearing VAT bonds on January 31, 2025.
  • Cash VAT Refunds for SMEs: VAT refunds will be issued in cash to small and medium enterprises (SMEs) by December 31, 2024.

 

 

 

 

Source: Trinidad and Tobago, Ministry of Finance

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