Trinidad Budget 2012: Income Tax Exemption and Vat Exemption

These commercial producers include small and medium enterprises and corporations.

The fiscal plan for 2012 that has been developed by the Trinidadian finance minister Winston Dookeran, along with the rest of the government, was pushed by the events in the country at the time. These events included the state of emergency that was instituted by the prime minister. It was the desire of the government to use the new budget to set the course for a turn around of the economy and set a new financial foundation for the nation.

Flag of Trinidad and Tobago

English: In a street of Trinidad (Photo credit: Wikipedia)

Some of the points for improvement in the way that the nation conducts business were outlined during the budget presentation. They include the following:

• Responsibility for adhering to the rule of law
• Exercising fiscal responsibility at every level, for example by making and sticking to personal and business budgets or financial plans
• Meeting the terms of tax regulations and laws
• Taking responsibility for individual and commercial investments

Trinidad de (Photo credit: Wikipedia)

• VAT exemptions are applied for sums that are less than TT$360,000. It was set at TT$200,000 before this
• In the new budget, householders who are buying or building a new home are now entitled to a new home subsidy of up to TT$50,000.
• The budget gives a tax allowance of 50% to expenditure incurred in retiling alternative forms of fuel. This is designed to encourage the utilization of alternative energy in Trinidad.
• Small and medium enterprises that are listed on the stock market now pay a reduced rate of corporation tax, amounting to 10%
• There are also tax and duty concessions provided in the budget for returning residents and other groups and individuals, such as charitable organizations and sporting bodies.

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Taxes (Photo credit: Tax Credits)