FINANCE ACT 2020 - TRINIDAD AND TOBAGO - TRINIDAD AND TOBAGO 2021 BUDGET MEASURES DECEMBER 2020 - PWC
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Finance Act 2020 – Trinidad and Tobago Trinidad and Tobago 2021 budget measures December 2020
Contents
Overview Online purchase tax – Exemption
Personal Income Tax Customs duty – Mobile and digital equipment
Capital allowance Customs duty – motor vehicles
Corporate tax rate – Listed small and medium
Motor vehicle Tax
enterprise companies
Insurance companies Let’s talk
Corporate tax allowances – Arts & culture, sporting,
About PwC
audio, video, production companies and fashion
Corporate tax allowance – Investment in tech
startup and new-tech business
Corporate tax allowance – Engaging in technology
solution and digitisation
Corporate tax allowance – Creating youth
employment in the technology industry
Corporate tax allowance – Capital expenditure by
approved property development company
Supplemental petroleum tax – Small onshore
producers
Value added tax – Schedule 2: zero rated
Stamp duty act – Schedule 1: exemptions
PwC | Finance Act 2020 – Trinidad and Tobago 2Overview
Trinidad and Tobago Finance Act 2020
The Trinidad and Tobago Finance Act 2020
(“Act”) was recently passed in Parliament and
assented by the President on 24 December 2020.
The amendments/ measures are effective 1
January 2021.
The Finance Act 2020 implements several
measures announced by the Government of
Trinidad and Tobago during the 2021 financial
year’s budget. The Act provides for the variation
of certain duties and taxes and to introduce
provisions of a fiscal nature. The Act amends
eight pieces of legislation*:
• Income Tax Act, Chap. 75:01
• Corporation Tax Act, Chap. 75:02
• Petroleum Taxes Act, Chap. 75:04
• Value Added Tax Act, Chap. 75:06
• Stamp Duty Act, Chap. 76:01
• Miscellaneous Taxes Act, Chap. 77:01
• Customs Act, Chap. 78:01
• Motor Vehicles and Road Traffic Act, Chap.
48:50
*links to the legislation are provided for general
reference purposes only. The respective Acts
may require updating to account for all
amendments since their published date.
PwC | Finance Act 2020 – Trinidad and Tobago 3Personal Income Tax
Income Tax Act
Measure - increase of personal allowance
from TT$72,000 to TT$84,000
Section 18 of the Income Tax Act was amended
to increase the personal allowance of an
individual who is resident in Trinidad and Tobago
and, an individual who is not resident in Trinidad
and Tobago and in receipt of pension income
accruing or derived from Trinidad and Tobago,
from TT$72,000 to TT$84,000.
PwC | Finance Act 2020 – Trinidad and Tobago 4Capital allowance
Income Tax Act
Measure - the capital allowances (wear and
tear) rate for plant and machinery classified
under Class B of the Seventh Schedule of the
Income Tax Act was increased from 25% to
30%.
The seventh schedule of the Income Tax Act was
amended to increase the wear and tear
allowance rate for plant and machinery classified
under Class B from 25% to 30%.
PwC | Finance Act 2020 – Trinidad and Tobago 5Corporate tax rate – Listed small
and medium enterprise companies
Corporation Tax Act
Measure - the corporation tax rate for Small
and Medium Enterprise (SME) companies
listed on the Trinidad and Tobago Stock
Exchange was reduced to 0% for the first 5
years and to 15% for the next 5 years.
Section 3 of the Corporation Tax Act was
amended to reduce the corporation tax rate for
Small and Medium Enterprise (SME)
companies listed on the Trinidad and Tobago
Stock Exchange for the first 10 years. The
following corporation tax rates will apply:
• 0% for the first 5 years from listing on the
Trinidad and Tobago Stock Exchange; and
• 15% for the next 5 years
and thereafter at the rate of tax specified in
Paragraph 1 of the First Schedule will be
applicable.
For the purposes of this section, a SME listed
company means a Small and Medium Enterprise
company listed on the Trinidad and Tobago Stock
Exchange, namely a company whose:
● minimum issued share capital is five million
dollars and maximum issued share capital
does not exceed fifty million dollars
following the initial public offering;
PwC | Finance Act 2020 – Trinidad and Tobago 6Corporate tax rate – Listed small
and medium enterprise companies
(continued)
Corporation Tax Act
Measure - the corporation tax rate for Small
and Medium Enterprise (continued)
● minimum and maximum capital base
comprises of issued share capital only and
does not include retained earnings and
accounts transferred from such issued
share capital or retained earnings to a
reserved account;
● minimum of 25 unconnected shareholders
own a total of at least 30% of the new
issued share capital of the company; and
● capital is raised with the issuance of an
initial public offering to be followed by a
listing on the Trinidad and Tobago Stock
Exchange no more than 60 days after
allotment of the issue.
PwC | Finance Act 2020 – Trinidad and Tobago 7Insurance companies
Corporation Tax Act
Measure - deductions of contributions to a
catastrophe reserve fund
Section 10D of the Corporation Tax Act was
amended by inserting after existing subsection
(4) the following new subsections 4A and 4B to
provide for the following:
• 4A provides that where deductions in respect
of amounts contributed by a company to its
catastrophe reserve fund have been allowed
under this section, and the company reduces
the value of the catastrophe reserve fund in
accordance with section 44 (5)(c) of the
Insurance Act, 2018, the amount of the
reduction shall be taken into account in
determining the chargeable profits of the
company for that year.
• 4B provides that where deductions in respect
of amounts contributed by a company to its
catastrophe reserve fund have been allowed
under this section, and the company reduces
the value of the catastrophe reserve fund -
• (a) in accordance with section 44 (5)(a) of the
Insurance Act, 2018; or
PwC | Finance Act 2020 – Trinidad and Tobago 8Insurance companies
(continued)
Corporation Tax Act
• (b) in the case of a foreign insurer, in
accordance with section 49A (3)(a)of the
Insurance Act, 1980, the amount of the
reduction shall be taken into account in
determining the chargeable profits of the
company for that year.
Section 10D subsection (5) was amended by
deleting the existing words
“The trustee of the fund established by a
company which ceases its property insurance
business under subsection (4) shall- ”
and replacing it with the words
“Where a company ceases its property
insurance business under subsection (4), it
shall – ”
Section 10D subsection (6) of the Corporation
Tax Act was repealed and a new subsection (6)
inserted to provide that any company which
maintains a catastrophe reserve fund shall
submit to the Board of Inland Revenue:
(a) accounts in respect of that fund within three
months from the end of the accounting period of
the company and in such form as specified by the
Board including the following:
PwC | Finance Act 2020 – Trinidad and Tobago 9Insurance companies
(continued)
Corporation Tax Act
(i) the assets in the fund and the
performance of those assets; and
(ii) the contributions to the fund and any
reduction in the balance of the fund; and
(b) such other information as may be prescribed
by the Board.
The Corporation Tax Act was further amended to
include a new subsection 6A after the existing
subsection 6 to require that the accounts to be
submitted pursuant to subsection (6) shall be
signed by two directors of the company.
Additionally, subsection (7) was amended by
inserting the following new definitions in
alphabetical order:
• catastrophe losses - means any losses
arising from:
(a) earthquake shock, fire following an
earthquake or a flood caused by an
earthquake
(b) hurricanes, cyclones, tornadoes,
wind-storms, including rain and flood
accompanying or caused by those perils
PwC | Finance Act 2020 – Trinidad and Tobago 10Insurance companies
(continued)
Corporation Tax Act
• catastrophe reserve fund or “fund” - means
(a) a fund established by a company
under section 44 of the Insurance Act,
2018; or
(b) in the case of a foreign insurer, a
fund established under section 49A of the
Insurance Act, 1980;
• catastrophe risks -means risks in respect of
catastrophe losses;
• company - means
(a) a company registered under the
Insurance Act, 2018; or
(b) a foreign insurer registered under
the Insurance Act, 1980,
to carry on property insurance business
insuring against catastrophe risks
• flood - includes an overflow of the sea;
• foreign insurer - a branch of a foreign
insurance company, which is registered under
the Insurance Act, 1980 to carry on insurance
business in Trinidad and Tobago.
PwC | Finance Act 2020 – Trinidad and Tobago 11Corporate tax allowances – Arts &
culture, sporting, audio, video,
production companies and fashion
Corporation Tax Act
Measure - increase of corporate tax
allowances for arts and culture, sporting
activities or events, audio, visual or video
productions, production companies and the
fashion industry from TT$6,000,000 to
TT$12,000,000.
Sections 10G(1), 10I(1), 10J(1), 10K(1), 10L(1)
and 10Q(1) of the Corporation Tax Act was
amended to increase the tax allowance relating to
arts and culture, sporting activities or events,
audio, visual or video productions, production
companies and the fashion industry from
TT$6,000,000 to TT$12,000,000.
Section 10L(2) of the Corporation Tax Act was
also amended by increasing the aggregate
allowance of a production company from
T$4,000,000 up to a maximum of TT$8,000,000.
PwC | Finance Act 2020 – Trinidad and Tobago 12Corporate tax allowance –
Investment in tech startup and
new-tech business
Corporation Tax Act
Measure - corporate tax allowances equal to
150% of the actual expenditure incurred up to
a maximum of TT$3,000,000 in relation to
expenditure incurred in investing in a tech
startup or a new-tech business.
The Corporation Tax Act was amended by
inserting a new section 10R which provides that
where a company incurs expenditure in investing
in a tech startup or a new-tech business (in a
year of income commencing from 1 January
2021) a deduction shall be allowed in
ascertaining the chargeable profits of the
company for that year of income and for an
allowance equal to 150% of the actual
expenditure incurred in relation to such
investment up to a maximum of TT$3,000,000.
For the purposes of this section, tech startup or
new-tech business is defined as a company
incorporated within 3 years from 1 January
2020 whose purpose is to provide digital
technology products or services.
PwC | Finance Act 2020 – Trinidad and Tobago 13Corporate tax allowance –
Engaging in technology solution
and digitisation
Corporation Tax Act
Measure - corporate tax allowances equal to
150% of the actual expenditure incurred up to
a maximum of TT$3,000,000, where a
company incurs expenditure in engaging in
technology solution and digitisation.
The Corporation Tax Act was amended by
inserting a new section 10S which provides that
where a company incurs expenditure in engaging
in technology solution and digitisation, (in a year
of income commencing from 1 January 2021), a
deduction shall be allowed in ascertaining the
chargeable profits of the company for that year of
income and for an allowance equal to 150% of
the actual expenditure incurred up to a
maximum of TT$3,000,000.
For the purposes of this section technology
solution is defined as a set of related software
programmes or services that are sold as a
package.
PwC | Finance Act 2020 – Trinidad and Tobago 14Corporate tax allowance – Creating
youth employment in the
technology industry
Corporation Tax Act
Measure - corporate tax allowances equal to
150% of the actual expenditure incurred up to
a maximum of TT$3,000,000, where a
company incurs expenditure in creating
employment in a technology industry where
the employees comprise a majority of young
people.
The Corporation Tax Act was amended by
inserting a new section 10T which provides that
where a company incurs expenditure in creating
employment in a technology industry where
the employees comprise a majority of young
people (in a year of income commencing from 1
January 2021) a deduction shall be allowed in
ascertaining the chargeable profits of the
company for that year of income and for an
allowance equal to 150% of the actual
expenditure incurred in relation to creation of
such employment up to a maximum of
TT$3,000,000.
Technology industry is defined as developers
of computer software and hardware,
providers of cloud services, internet services,
e-commerce services, consumer electronics
services and telecommunication services.
Young people is defined as a person between
the ages of 18 and 35 years of age.
PwC | Finance Act 2020 – Trinidad and Tobago 15Corporate tax allowance – Capital
expenditure by approved property
development company
Corporation Tax Act
Measure - an approved property development
company can claim a deduction for capital
expenditure incurred in the construction of a
building for commercial or industrial usage.
Section 16 subsection (1) of the Corporation Tax
Act was amended to provide that in ascertaining
the chargeable profits of an approved property
development company, there shall be deducted
from any capital expenditure incurred by that
company in the construction of a building that
is to be used for commercial or industrial
purposes by the company or a purchaser or
lessee thereof:
(a) an amount equal to 15%, in the case where
construction of the building is proved to the
satisfaction of the Board of Inland Revenue to
have commenced before 31 December 2005
and is completed on or before 31 December
2007 or to have commenced on or after 1
January 2008 and is completed on or before
31 December, 2014; or
(b) an amount equal to 20%, in the case where
construction of the building is proved to the
satisfaction of the Board of Inland Revenue to
have commenced on or after 1 January 2015
and is completed on or before 31 December
2024.
PwC | Finance Act 2020 – Trinidad and Tobago 16Supplemental petroleum tax –
Small onshore producers
Petroleum Taxes Act
Measure - small onshore producers
Supplemental petroleum tax (SPT)
computation for 2021 & 2022
The Third Schedule Petroleum Taxes Act was
amended to insert 3A which provides that taxes
chargeable on small onshore producers is
hereby computed and fixed for the financial years
2021 and 2022 as follows:
• where the weighted average crude oil price is
US$75.00 per barrel or less – no tax is
chargeable;
• where the weighted average crude oil price is
between US$75.01 and US$90.00 per barrel -
the tax is chargeable at the rates set out in the
Small Onshore Producers (Part B - Scale of
Supplemental Petroleum Tax Rates);
• where the weighted average crude oil price is
between US$90.01 and US$200.00 per barrel,
the tax is chargeable at rates based on the
following sliding scale:
SPT rate = base SPT rate + 0.2% (P - U.S.
$90.00)
Base SPT rate = 18%
SPT = supplemental petroleum tax
P = weighted average crude oil price in
US$
PwC | Finance Act 2020 – Trinidad and Tobago 17Supplemental petroleum tax –
Small onshore producers
(continued)
Petroleum Taxes Act
For the purposes of this section, Small onshore
producer is defined as a person who carries out
petroleum operations on land under a licence,
sub-licence or contract and produces less than
two thousand barrels of crude oil per day.
Part B - Small Onshore Producers - Scale of
Supplemental Petroleum Tax Rates
PRICE US$ Between Rate %
75.00 0
75.01 and 90.00 18
90.01 and 200.00 SPT rate = Base
SPT rate + 0.2%
(P – $90.00)
200.01 and over 40
PwC | Finance Act 2020 – Trinidad and Tobago 18Value added tax – Schedule 2:
Zero rated
Value Added Tax Act
Measure - zero rated VAT items
Schedule 2 Value Added Tax Act was amended
to include laptop computers, notebook
computers, tablet computers, mobile and
digital equipment, cell phones, software,
accessories and peripherals as zero rated
items for the purposes of Value Added Tax.
Additionally, Schedule 2 was amended to remove
electric vehicles, hybrid vehicles and motor
vehicles manufactured to use compressed
natural gas which are imported for private use
from the list of zero rated VAT items. Also
removed were used electric vehicles, hybrid
vehicles and CNG vehicles, imported for private
use that are older than four years from the year of
manufacture.
Used electric vehicles, hybrid vehicles and CNG
vehicles which are imported for commercial use
must not be older than three years from the year
of manufacture.
PwC | Finance Act 2020 – Trinidad and Tobago 19Stamp duty act – Schedule 1:
Exemptions
Stamp Duty Act
Measure - increase the threshold for
exemption from stamp duty from
TT$1,500,000 to TT$2,000,000.
The First Schedule of the Stamp Duty Act was
amended to increase the threshold for exemption
from stamp duty from TT$1,500,000 to
TT$2,000,000 in relation to a conveyance or
transfer on sale of any property which is a
dwelling-house or includes a dwelling-house of a
first-time home-owner, to be used exclusively or
mainly for residential purposes, as approved by
the Board of Inland Revenue.
The First Schedule was also amended to
increase the threshold for exemption from stamp
duty from TT$1,500,000 to TT$2,000,000 in
relation to mortgage deeds for first-time
home-owners of any property which is a
dwelling-house or includes a dwelling-house, to
be used exclusively or mainly for residential
purposes, as approved by the Board of Inland
Revenue.
PwC | Finance Act 2020 – Trinidad and Tobago 20Online purchase tax – Exemption
Miscellaneous Taxes Act
Measure - online purchase tax exemption on
all laptop computers, notebook computers,
tablet computers, mobile and digital
equipment, cell phones, software,
accessories and peripherals.
The Miscellaneous Taxes Act was amended to
provide an exemption on the payment of online
purchase tax for all laptop computers,
notebook computers, tablet computers,
mobile and digital equipment, cell phones,
software, accessories and peripherals.
PwC | Finance Act 2020 – Trinidad and Tobago 21Customs duty – Mobile and digital
equipment
Customs Act
Measure - customs duty exemption on mobile
and digital equipment, cell phones, software,
accessories and peripherals.
Part A of the Second Schedule of the Customs
Act was amended to exempt the payment of
customs duty for mobile and digital equipment,
cell phones, software, accessories and
peripherals.
PwC | Finance Act 2020 – Trinidad and Tobago 22Customs duty – motor vehicles
Customs Act
Measure
The Customs Act has been amended by
repealing and replacing the existing sections 45B
and 45C and introducing a new 45D. The effect of
this amendment is to provide exemptions from
customs duty in relation to the following types of
new and used motor vehicles imported for
commercial use and of certain specifications:
• Motor Vehicles manufactured to use
compressed natural gas (“CNG Vehicles”);
• Electric vehicles; and
• Hybrid vehicles.
Additionally, the First Schedule of the Customs
Act has been amended to impose a 20% rate of
customs duty for certain vehicles.
PwC | Finance Act 2020 – Trinidad and Tobago 23Customs duty – motor vehicles
Customs Act
Measure- no customs duty on certain electric
vehicles vehicles
Section 45B provides that customs duty shall
not be imposed in respect of the following
electric vehicles:
• new electric vehicles - imported for
commercial use with an engine size not
exceeding 159 kilowatts;
• used electric vehicles – imported for
commercial use with an engine size not
exceeding 159 kilowatts which are not older
than 3 years from the year of manufacture;
• new electric vehicles - imported for
commercial use with an engine size
exceeding 159 kilowatts but not exceeding
179 kilowatts;
• used electric vehicles – imported for
commercial use with an engine size
exceeding 159 kilowatts but not exceeding
179 kilowatts which are not older than 3
years from the year of manufacture.
An electric vehicle is defined as: a vehicle
which is propelled by an electric motor powered
by a rechargeable battery pack or other energy
storage device.
PwC | Finance Act 2020 – Trinidad and Tobago 24Customs duty – motor vehicles
Customs Act
Measure- no customs duty on certain hybrid
vehicles
Section 45C provides that customs duty shall
not be imposed in respect of the following hybrid
vehicles:
• new hybrid vehicles - imported for commercial
use with an engine size not exceeding 1599
cc;
• used hybrid vehicles - imported for
commercial use with an engine size not
exceeding 1599 cc which are not older than
three years from the year of manufacture;
• new hybrid vehicles - imported for commercial
use with an engine size exceeding 1599 cc
but not exceeding 1999 cc;
• used hybrid vehicles - imported for
commercial use with an engine size
exceeding 1599 cc but not exceeding 1999
cc which are not older than three years from
the year of manufacture.
A hybrid vehicle is defined as: vehicle which is
capable of being propelled by a combination of
an internal combustion engine and an on-board
rechargeable energy system or other energy
storage device.
PwC | Finance Act 2020 – Trinidad and Tobago 25Customs duty – motor vehicles
Customs Act
Measure- no customs duty on certain vehicles
manufactured to use compressed natural gas
(“CNG Vehicles”)
Section 45D provides that customs duty shall
not be imposed in respect of the following CNG
vehicles:
• new CNG vehicles - imported for commercial
use with an engine size not exceeding 1599
cc;
• used CNG vehicles - imported for commercial
use with an engine size not exceeding 1599
cc which are not older than three years from
the year of manufacture;
• new CNG vehicles - imported for commercial
use with an engine size exceeding 1599 cc;
• used CNG vehicles - imported for commercial
use with an engine size exceeding 1599 cc
which are not older than three years from the
year of manufacture.
PwC | Finance Act 2020 – Trinidad and Tobago 26Customs duty – motor vehicles
Customs Act
Measure- the rate of customs duty was
changed to 20% for certain vehicles
First Schedule provides that customs duty at
the rate of 20% shall apply on the following
motor cars and other motor vehicles
principally designed for the transport
of persons (other than those of heading
87.02), including station wagons
and racing cars:
Other vehicles, with spark-ignition internal
combustion reciprocating piston engine:
Tariff Heading Description of Vehicles
8703.21.90 Other, of a cylinder
capacity not exceeding
1,000 cc
8703.22.90 Other, of a cylinder
capacity exceeding 1,000
cc but not exceeding
1,500 cc
8703.23.20 Other, of a cylinder
capacity exceeding 1,500
cc but not exceeding
1,599 cc
8703.90.00 Other
PwC | Finance Act 2020 – Trinidad and Tobago 27Motor vehicle tax
Motor Vehicle and Road Traffic Act
Measure
The Fourth Schedule of the Motor Vehicle and
Road Traffic Act has been amended by repealing
and replacing existing paragraphs 8, 9 and 10.
The effect of this amendment is to provide
exemptions from motor vehicles tax in relation to
the following types of new and used motor
vehicles imported for commercial use and of
certain specifications:
• Motor Vehicles manufactured to use
compressed natural gas (CNG);
• Electric vehicles; and
• Hybrid vehicles.
PwC | Finance Act 2020 – Trinidad and Tobago 28Motor vehicle tax
Motor Vehicle and Road Traffic Act
Measure- no motor vehicles tax on certain
vehicles manufactured to use compressed
natural gas (“CNG”)
Paragraph 8 provides that motor vehicle taxes
shall not be charged, levied and collected for the
following CNG vehicles:
• new motor vehicles - imported for commercial
use with an engine size not exceeding 1599
cc manufactured to use CNG;
• used motor vehicles - imported for commercial
use with an engine size not exceeding 1599
cc which are manufactured to use CNG and
are not older than three years from the year
of manufacture;
• new motor vehicles - imported for commercial
use with an engine size exceeding 1599 cc
which are manufactured to use CNG;
• used motor vehicles - imported for commercial
use with an engine size exceeding 1599 cc
which are manufactured to use CNG and are
not older than three years from the year of
manufacture.
PwC | Finance Act 2020 – Trinidad and Tobago 29Motor vehicle tax
Motor Vehicle and Road Traffic Act
Amendment - no motor vehicles tax on certain
electric vehicles
Paragraph 9 provides that motor vehicle taxes
shall not be charged, levied and collected for the
following electric vehicles
• new electric vehicles - imported for
commercial use with an engine size not
exceeding 159 kilowatts;
• used electric vehicles – imported for
commercial use with an engine size not
exceeding 159 kilowatts which are not older
than three years from the year of
manufacture;
• new electric vehicles - imported for
commercial use with an engine size
exceeding 159 kilowatts but not exceeding
179 kilowatts;
• used electric vehicles – imported for
commercial use with an engine size
exceeding 159 kilowatts but not exceeding
179 kilowatts which are not older than three
years from the year of manufacture.
An electric vehicle is defined as: a vehicle
which is propelled by an electric motor powered
by a rechargeable battery pack or other energy
storage device.
PwC | Finance Act 2020 – Trinidad and Tobago 30Motor vehicle tax
Motor Vehicle and Road Traffic Act
Amendment - no motor vehicles tax on certain
hybrid vehicles
Paragraph 10 provides that motor vehicles tax
shall not be charged, levied and collected for
certain hybrid vehicles:
• new hybrid vehicles - imported for commercial
use with an engine size not exceeding 1599
cc;
• used hybrid vehicles – imported for
commercial use with an engine size not
exceeding 1599 cc which are not older than
three years from the year of manufacture;
• new hybrid vehicles – imported for
commercial use with an engine size
exceeding 1599 cc but not exceeding 1999
cc;
• used hybrid vehicles – imported for
commercial use with an engine size
exceeding 1599 cc but not exceeding 1999
cc which are not older than three years from
the year of manufacture.
A hybrid vehicle is defined as: vehicle which is
capable of being propelled by a combination of
an internal combustion engine and an on-board
rechargeable energy system or other energy
storage device.
PwC | Finance Act 2020 – Trinidad and Tobago 31Motor vehicle tax
Motor Vehicle and Road Traffic Act
Amendment - Part I of Appendix A - class of
description of motor vehicles: vehicle tax
Item (10) was added after the existing item (9) as
follows:
(10) Private Motor Cars which are manufactured
to use compressed natural gas:
• (a) new motor vehicles with an engine size
not exceeding 1599 cc …4.00 per cc
• (b) used motor vehicles, with an engine size
not exceeding 1599 cc, which are not older
than three years from the year of manufacture
… 3.00 per cc.
(11) Private Motor Cars which are manufactured
as hybrid vehicles:
• (a) new motor vehicles with an engine size
not exceeding 1599 cc … 4.00 per cc
• (b) used motor vehicles with an engine size
not exceeding 1599 cc which are not older
than three years from the year of manufacture
… 3.00 per cc.
PwC | Finance Act 2020 – Trinidad and Tobago 32Motor vehicle tax
Motor Vehicle and Road Traffic Act
Amendment - Part IA of Appendix A - class of
description of motor vehicles: vehicle tax
Item (8) was added after the existing item (7) as
follows:
(8) Private Motor Cars:
• (a) new motor vehicles, with an engine size
not exceeding 159 kilowatts …4.00 per
kilowatt
• (b) used motor vehicles, with an engine size
not exceeding 159 kilowatts which are not
older than three years from the year of
manufacture …3.00 per kilowatt.
PwC | Finance Act 2020 – Trinidad and Tobago 33Let’s talk
Angelique Bart Jo-Anna Mark
Tax and Legal Services Leader Manager
Direct Line: 1 868 299 0700 x 0715
Direct Line: 1 868 299 0700 x 1136
Email: angelique.bart@pwc.com
jo-anna.mark@pwc.com
Nicole Joseph Nikkel Wiltshire
Tax and Legal Services Partner Manager
Direct Line: 1 868 299 0700 x 0716 Direct Line: 1 868 299 0700 x 1022
Email: nicole.joseph@pwc.com Email: nikkel.wiltshire@pwc.com
Fanny Ursulet-Headley Rodrick Edinboro
Executive Director Manager
Direct Line: 1 868 299 0700 x1028 Direct Line: 1 868 299 0700 x 0719
Email: fanny.ursulet-headley@pwc.com Email: rodrick.edinboro@pwc.com
Tonika Wilson-Gabriel Don Bideshi
Executive Director Manager
Direct Line: 1 868 299 0700 x 1032 Direct Line: 1 868 299 0700 ext. 1017
Email: tonika.wilson@pwc.com don.bideshi@pwc.com
Suresh Cassie
Director Our office
Direct Line: 1 868 299 0700 x 1011
Email: suresh.cassie@pwc.com Port of Spain office
PricewaterhouseCoopers Limited
Karen Hackett P.O. Box 550
Senior Manager 11-13 Victoria Avenue
Direct Line: 1 868 299 0700 x 1035 Port of Spain
Email: karen.hackett@pwc.com Trinidad and Tobago
West Indies
Alyssa Brown
Telephone: 1 868 299 0700
Manager
Direct Line: 1 868 299 0700 x 3014 Telefax: 1 868 623 6025
alyssa.brown@pwc.com Visit us online at:
www.pwc.com/tt
PwC | Finance Act 2020 – Trinidad and Tobago 34About PwC PwC | Finance Act 2020 – Trinidad and Tobago 35
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satisfaction, a broad tax treaty issues arising on a
Revenue to ensure that the Tax
transaction. Additionally, our
understanding of the tax Authority’s records are in order.
experienced team of tax
laws and our client’s professionals advises on Value Added Tax returns
needs is required. special areas including: Preparation of
PwC offers a wide range • Corporate finance and monthly/bi-monthly Value Added
of tax, corporate funding arrangements Tax (VAT) Returns and
secretarial and • Acquisitions and merger tax associated refund claims if
implications required. Maintenance of a VAT
commercial transaction
• Debt restructuring and debt refund monitoring programme
support services and we for our clients geared towards
workouts
utilise subject-matter • Transfer pricing expediting the receipt or refunds
experts to cater to a arrangements and other by identifying and clearing up
variety of clients and their relevant International tax any queries by the Inland
unique needs. This will initiatives impacting Revenue Division on a timely
allow our clients the cross-border transactions basis.
opportunity to focus on • Commodity and financial Quarterly instalments
derivative issues
their core competencies • Thin capitalisation rules We support our clients by
in growing their • State and Central computing quarterly tax
businesses. Government proposals for instalments due and payable
the introduction of incentives and where applicable, we make
Our services extend the appropriate applications to
to attract foreign direct
beyond our borders, as the tax authorities for
investment as well as
we continue to provide Regional/Government adjustment of these instalments.
advice to companies proposals for reorganisation
operating in Trinidad and of taxing authorities.
Tobago on all of the
services outlined as
follows.
PwC | Finance Act 2020 – Trinidad and Tobago 36Tax and legal services (continued)
Personal Income Tax Tax registration Amalgamations and other
returns and related We facilitate the tax, VAT and corporate restructurings
advisory services social security (National Preparation and filing of the
Preparation of personal income Insurance) registrations. necessary documents with the
tax returns for expatriate De-registration government authorities to effect
personnel and advising on all a required amalgamation or
We can facilitate the other corporate restructurings.
executive and employee
de-registration of both external We can also advise on methods
compensation and other
and local companies from the of share dispositions and
personal tax matters.
Companies Registrar and the provide the relevant support
Tax audit and dispute Tax Authority. services for each method
resolution Maintenance of company including the valuation of
audits/objections/appeals portfolio shares; drafting of share
We provide assistance, advice instruments for review and
We prepare and file on behalf of
and support throughout the execution by the company and
the company Annual Returns,
Audit, Objections and Appeal having same assessed and
filings in relation to corporate
Stages by liaising with the Tax stamped for duty by the Board
changes in corporate of Inland Revenue.
Authorities on behalf of our instruments as well as other
clients. statutory filings and liaise with Work permits/renewals
Tax accounting and the Registrar of Companies to and other Immigration
payroll accounting address queries relating to related support services
corporate documents filed by
support Prepare and submit work permit
the company.
We can assist with the applications and renewals for
Advise and prepare other expatriate personnel, including
preparation of the relevant tax
statutory requirements in facilitating the advertising,
and payroll accounting
accordance with the Company’s interviewing and evaluation
documentation.
Act including supporting our process required by the Ministry
Corporate Secretarial clients with the beneficial of National Security. We can
Services Incorporation ownership requirements. also provide support for
Incorporation of both external endorsements, visas and visa
and local companies. We waivers and other relevant
provide advice to clients on immigration services.
general corporate matters and Liquidation and
concerns. dissolution
We can assist with, and advise
on, voluntary and involuntary
winding-ups.
PwC | Finance Act 2020 – Trinidad and Tobago 37Caribbean presence
PwC in the Caribbean comprises eight firms with more than 1,200 people in The
Bahamas, Bermuda, British Virgin Islands, Cayman Islands, East Caribbean (including
Barbados and Saint Lucia), Guyana, Jamaica and Trinidad & Tobago. We provide
quality assurance, tax, legal and advisory services to a full range of private and public
organisations, including international businesses, local enterprises and Government.
Locations in the Caribbean We have a long history of operating in the
Caribbean
Our clients have access to top PwC talent, which
means tapping into our vast pool of Caribbean
and global industry resources that have the
experience and credentials to deliver the quality
services for which PwC is known.
Caribbean Caribbean Our people in
The Bermuda British Virgin
territories locations the Caribbean
Bahamas Islands
8 12 1,200+
Cayman East Guyana
Islands Caribbean
(including
Barbados
& St Lucia)
Jamaica Trinidad &
Tobago
PwC | Finance Act 2020 – Trinidad and Tobago 38Building trust in society and
solving important problems
PwC is one of the world’s largest provider of professional services including tax and
business consulting services. With offices in 155 countries and more than 284,000
people, we are among the leading professional services networks in the world. We help
organisations and individuals create the value they’re looking for, by delivering quality
in assurance, tax, and advisory services.
Our advisory, tax, and assurance services We have the global reach, experience, and
address today’s most pressing business skill you need
imperatives
Simulate Align costs Transform
innovation with human
business capital
strategy
Countries Global offices Our people
Accelerate Grow and Navigate risk
155 1008 284,000+
digital and create and
technology competitive regulatory
impact advantage complexity
Optimize Create Strengthen Locations Our revenue Our clients
deals unique trust
customer and
742 $43bn 84%
experiences transparency of the Fortune
Global 500 are
our clients
Unlock Secure Strengthen
data assets Corporate Our clients range from the world's largest
possibilities Governance and most complex organisations to some of
the most innovative entrepreneurs.
PwC | Finance Act 2020 – Trinidad and Tobago 39Thank you pwc.com © 2021 PwC. All rights reserved. PwC refers to the Trinidad and Toabgo member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This publication has been prepared for general informational purposes, and does not constitute professional advice on facts and circumstances specific to any person or entity. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication. The information contained in this publication was not intended PricewaterhouseCoopers Limited, or written to be used, and cannot be used, for purposes of avoiding penalties or sanctions imposed by any government or other regulatory body. PricewaterhouseCoopers Limited, its members, employees, and agents shall not be responsible for any loss sustained by any person or entity that relies on the information contained in this publication. The content of this publication is based on information available as of December 2020. Accordingly, certain aspects of this publication may be superseded as new guidance, legislation or interpretations emerge. At PwC, our purpose is to build trust in society and solve important problems. PwC is a network of firms in 155 countries with over 284,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com/tt.
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