VAT is essentially a consumption tax that was introduced in Trinidad and Tobago on January 1, 1990, at a standard rate of 15%. VAT Administration falls within the responsibility of the Board of Inland Revenue- VAT Administration Centre. Collection of VAT on imports is the responsibility of the Customs and Excise Division of the Ministry of Finance. Any sole proprietor, company, partnership, joint venture and other unincorporated body who conducts a business activity and, who makes commercial supplies with a gross value in excess of TT$200,000 in any 12-month period is required to apply for registration for VAT. A non-resident company supplying good and services to a registered company in Trinidad and Tobago, could apply to register for VAT. This would be advantageous since it would allow the non-resident company to claim for the VAT paid on goods and services received while in Trinidad and Tobago.
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