Given the current economic climate, the Government of Trinidad and Tobago has placed even more emphasis on the collection of taxes. There are a few important things I should highlight.
1) All taxpayers are entitled to a Personal Allowance of TT$72,000.00 per year. This means that you do not pay income tax on your first TT$72,000.00 of income, so you pay no income tax at all if you earn less than this amount.
1) All taxpayers are entitled to a Personal Allowance of TT$72,000.00 per year. This means that you do not pay income tax on your first TT$72,000.00 of income, so you pay no income tax at all if you earn less than this amount.
2) Tertiary Education expenses is limited to $60000
3) First time homeowners are limited to $18000
4) Contributions or premiums paid to deferred
annuities/tax savings/pension fund plans and 70% NIS contributions is now
limited to $50000 annually.
I have attached the link below for further details.
https://www.finance.gov.tt/services/income-tax/paying-your-taxes/
Thanks for again for the information.
ReplyDeleteI honestly didn't know about some of this info once again, thank you for the information
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