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CORPORATION TAX EXEMPTION

ABOUT THE CORPORATION TAX EXEMPTION

Approved small companies can now be exempted from the payment of Corporation tax for a period of six years.
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.

WHO IS ELIGIBLE?

Approved Small Company Status 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.
Certificates are valid for two years and are renewable for a maximum of six consecutive years.
An entity must meet the above criteria prior to each renewal.

HOW TO APPLY?

Interested companies can download and complete the Approved Small Company Status Application Form below.

Approved companies will be officially advised of approval and issued a Certificate signed by the Minister of Trade and Industry.

The company must provide the Board of Inland Revenue with a copy of the Certificate when filing its tax returns to access the tax exemption.

For further guidance or information please contact Investment Directorate:  868-623-2931/4 ext.2207/2210/2230/2219
Email Address: mti-investmentdir@gov.tt

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