In 2013 and 2014, Trinidad and Tobago was ranked by fDi Magazine as the most
cost-effective location within Central America and the Caribbean. In fact, the country has the lowest electricity rate in the Western Hemisphere and the 8th lowest in the world at just $0.03 kWh.
Trinidad and Tobago has ratified double taxation agreements with the following countries: Canada, CARICOM, China, Denmark, France, Germany, India, Italy, Luxembourg, Norway, Sweden, Switzerland, United Kingdom, United States of America and Venezuela.
Businesses in Trinidad & Tobago enjoy highly competitive operating costs, making the country an emerging market for e-business and technology firms. The strength of the nation’s energy industry makes it able to boast of some of the lowest energy costs in the world.
Any person wishing to incorporate a company in Trinidad & Tobago is required by law to register the business as a sole proprietorship, partnership or limited liability company. All employees, sole traders, partnerships or companies are legally obligated to apply for a Board of Inland Revenue (BIR) file number to be used in payment of taxes or filing of returns. Corporation tax is fixed at a low rate of 25% and a Value Added Tax (VAT) of 12.5% is applied to both goods and services in Trinidad & Tobago. A foreign national wishing to work in the country must apply for a work permit through the Ministry of National Security.
Tax & Wages
- Corporate Income tax rate – 25%
- Personal income tax rate – 25%
- Average wage earnings for high level occupation groupings - US$60,000 per annum
- Minimum wage - TT$15.00 per hour (approx. US$2.35)
For more information on the how to establish a business in Trinidad & Tobago, please refer to our publication: Cost of Doing Business.