Summary of Obligations for Limited Liability Companies

  • Green Fund Levy – This tax is based on gross sales and receipts of companies and unincorporated associations at the rate of 0.3%.  
  • Business Levy – is payable quarterly at the rate of 0.6% of the gross sales and receipts of the company. Payments of corporation tax are set off against the business levy liability of the company in the following year when returns are filed.
  • Corporation Tax – A tax at the rate of 25% on the profits and short-term gains of companies accruing in or derived from Trinidad and Tobago. If profits exceed $1,000,000 companies are liable to pay Corporation Tax at the rate of 30% on the profits after deducting business expenses and allowances.
  • A company is required to furnish a corporation tax return annually whether trading or inactive.
  • Value Added Tax (VAT) registration if income exceeds $500,000 in any successive twelve (12) months.
  • Annual Returns must be filed no later than 30 days after each anniversary date of its continuance, incorporation or amalgamation at the Companies Registrar.

 

Payment Dates

  • PAYE  – 15th every month (once  business has employees)
  • NIS  – 15th every month (once  business has employees)
  • Health Surcharge  – 15th every month (once  business has employees)
  • Green Fund – Last day of each quarter (Mar, Jun, Sep, Dec)
  • Business Levy – Last day of each quarter (Mar, Jun, Sep, Dec)
  • Corporation Tax – Last day of each quarter (Mar, Jun, Sep, Dec)
  • VAT – 25th of every other month

 

Filing Dates

 

Penalties for non-filing

Late filings incur a penalty from 1st November and every six months thereafter of one thousand dollars ($1000).