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Trinidad & Tobago VAT rate cut to 12.5%

  • VAT
  • 18 October 2015 | Richard Asquith

Trinidad & Tobago VAT rate cut to 12.5%

Trinidad and Tobago is to cut its standard VAT rate to 12.5%. In compensate for the loss of revenues and ensure a balanced budget by 2018, the Caribbean Island will introduce other VAT reforms.

VAT changes

  1. The reclassification of many items from the exempt and nil rated classification
  2. An increase in the VAT registration threshold from TT$ 360,000 to TT$500,000
  3. Cutting the standard VAT rate from 15% to 12.5%

VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.