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Trinidad and Tobago’s 2024 budget proposes direct and indirect tax measures

  • Exemption from business levy on export sales for manufacturing companies with gross receipts falling within the 30% tax bracket
  • Disallowance of expenditures incurred in earning exempt income
  • Increase in the sustainability incentive to 25% for mature or small marine oilfields
  • Introduction of new threshold of $75 per barrel for supplemental petroleum tax for small shallow water producers
  • Introduction of cybersecurity investment tax allowance of up to $500,000 for companies that incur expenditure in respect of investments in cybersecurity software and network security monitoring equipment
  • Extension of tourism upgrade project incentive by three years
  • Introduction of 150% tax allowance of up to $500,000 on corporate sponsorship to public and private schools registered with the Ministry of Education

Source: kpmg.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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