How does the Trinidad and Tobago tax system work?

system tax Tobago Trinidad
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How does the Trinidad and Tobago tax system work?

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All employees, sole traders, partnerships and companies are legally obligated to register for a Board of Inland Revenue (BIR) file number to be used in payment of taxes and filing of returns. This number must be quoted on all correspondence to the Board of Inland Revenue. A Pay as you Earn (PAYE) number must be obtained by all companies and sole traders who hire employees. The PAYE number is used to remit taxes withheld from employees’ earnings in accordance with the PAYE System. These numbers must be utilised for the duration of the life of the individual or company. Canada and Trinidad and Tobago have concluded a Double Taxation Treaty. Under this agreement, the salaries of non-residents earned in Trinidad and Tobago, while attracting P.A.Y.E. tax, may be exempt under restricted provisions in the Treaty. For further information contact In Trinidad and Tobago Inland Revenue Department St Vincent St.

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