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Things you should know about income tax

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.

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/




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Comments

  1. Unknown3 April 2018 at 18:22

    Thanks for again for the information.

    ReplyDelete
  2. Unknown4 April 2018 at 16:32

    I honestly didn't know about some of this info once again, thank you for the information

    ReplyDelete

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