What is VAT?
Value Added Tax, or VAT, is applied to both goods and services in Trinidad and Tobago and is included in the final price of the product.
VAT is charged at a rate of 12.5%. VAT-registered businesses must collect VAT from customers, submit VAT returns and pay any VAT that they owe to the Inland Revenue Division of the Ministry of Finance.
VAT registered businesses can deduct any VAT that they pay when purchasing goods and services for the business from the VAT that they collect from customers.
If the amount of VAT that a business pay is more than they collect, the Inland Revenue Division will refund the balance.
Can I de-register?
Registered individuals or businesses that cease trading, dispose of or transfer their business must apply for Cancellation of VAT Registration. This also applies to individuals or businesses that no longer generate revenues above the threshold amount of TT$500,000.00.
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