Trinidad and Tobago Tax Response to COVID-19
August 7, 2020
Global TaxUpdate was nominated for the ITR Americas Tax Awards 2020
August 13, 2020
The General State Budget (GSB) for 2020 was revised by Law No. 31/2020, of 11 August 2020, which entered into force on the day of its publication.
Among other measures, this revision of the GSB includes the following:
- Elimination of VAT exemption on importation and transfer of goods listed in Annex I of the VAT Code (rice, beans, milk, etc.). The applicable VAT rate is now 5%.
- Setting of the VAT rate on the import of agricultural inputs at 5%.
- Exceptional Regime for the Regularization of Tax Debts under Judicial Litigation – Judicial proceedings that commence until March 31, 2020 may benefit from a waiver of payment of interest and fines, as well as a 30% reduction of the tax due, provided that the entities withdraw the court procedures and regularize the debt within 60 days as from the entry into force of this Law (August 11). This Law also establishes that in certain circumstances and upon request and acceptance by the Tax Authorities, the debt may be paid in installments.
