Trinidad 2025 Budget Proposals: Tax and VAT Changes

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.