MANUFACTURING TAX CREDIT
ABOUT THE MANUFACTURING TAX CREDIT
The Government of the Republic of Trinidad and Tobago is offering a one-time manufacturing tax credit for companies which make an investment in new machinery, production lines and equipment in the year 2023. This manufacturing tax credit, is up to a maximum of TT$50,000, and is to be utilized against the corporation tax liability of an approved manufacturing company, as certified by the Ministry of Trade and Industry.
PURPOSE
The one-time manufacturing tax credit seeks to incentivize manufacturers to make investments in new machinery, production lines and equipment, which is further expected to enhance efficiency and processes in this sector.
WHO IS ELIGIBLE?
The manufacturing tax credit will be available to:
- Companies incorporated and operating in Trinidad and Tobago;
- Companies involved in the production of goods;
- Companies making an investment, in the year 2023, in new machinery, production lines and equipment, with documentary evidence of the purchase/investment.
ELIGIBLE MANUFACTURING AREAS
The following non-energy manufacturing operations are eligible for this incentive:
- Food and drink processing, including agro-processing products
- Leather and other craft products
- Textile, garments, footwear and headwear
- Chemical products
- Beauty and personal care products
- Environmentally friendly packaging
- Printing, publishing and paper converters
- Wood, furniture and related products
Other manufactured products
ADMINISTRATION OF THE MANUFACTURING TAX CREDIT
Step 1: Certification from the Ministry of Trade and Industry as an approved manufacturing company for the manufacturing tax credit:
- Eligible manufacturing companies can submit an application to the Ministry of Trade and Industry (MTI). The application form and list of required documents can be downloaded here.
- The MTI will verify that expenditure on new machinery, production lines or equipment was incurred in the year 2023.
- The Minister of Trade and Industry will issue a Certificate, titled “Certification for Manufacturing Tax Credit”, in support of the applicant company receiving the one-time manufacturing tax credit. Such Certificate should be safeguarded to prevent tampering.
- The MTI will notify the Ministry of Finance of the certification.
Step 2: The approved manufacturing company will be required to provide the Inland Revenue Division with a copy of the Certificate when filing its Tax Return to access the tax credit.
For further guidance or information please contact Investment Directorate: 868-623-2931/4 ext.2207/2210/2230/2219
Email Address: mti-investmentdir@gov.tt
