Approved small companies can now be exempted from the payment of Corporation Tax for a period of six consecutive years, commencing 1^st January, 2023.

The incentive aims to improve companies’ cash flow positions and lead to:

• Job creation
• Increased investment
• Growth and development of manufacturing small businesses, inclusive of agro-processing companies
• Increased adherence to best standards for business planning and accounting.

Approved Small Company Status Incentive is exclusively available to manufacturing companies, including agro-processing entities, that:

• Are locally owned and controlled as defined in section 16(9) of the Corporation Tax Act, Chapter 75:02
• Have machinery, equipment and working capital the value of which does not exceed one million five hundred thousand dollars
• If incorporated on or after January 8, 1988, are not the result of the splitting or the reconstruction of an existing company
• Do not have as a shareholder any other company holding shares either directly or indirectly through their nominees
• Maintain accounts, which are audited by accountants who are members of the Institute of Chartered Accountants of Trinidad and Tobago
• Have potential for creating permanent jobs
• Have at least five permanent employees
• Make optimum use of locally produced raw materials.