Category: Tax

The term "tax benefit" refers to any tax law that helps you reduce your tax liability. Benefits range from deductions and tax credits to exclusions and exemptions. They cover various areas, including programs for families, education, employees, and natural disasters. In Trinidad and Tobago, there are several tax benefits and incentives designed to encourage investment, reduce the tax burden on individuals, and support economic growth. Understanding Tax Benefits Tax benefits help individuals and corporations reduce their overall tax bills. These benefits are a significant part of the tax regulations and legislation set by local, state, and federal governments. Types of Tax Benefits in Trinidad and Tobago Personal Income Tax Benefits: Personal Allowance: Individuals are entitled to a personal allowance of TTD 84,000 annually. Income up to this amount is not…

It's YOUR move now! It's important to know what's your next move as it pertains to your company's Tax Management Strategy. We are happy to evaluate the topic of exemptions to better equip you for success in 2019 and beyond. TAX EXEMPTIONS An exemption is a legally-allowed reduction of the reported amount of taxable income. The following are some examples of exemptions allowed in Trinidad & Tobago: A deduction from taxable income of a resident of Trinidad and Tobago where the total income does not exceed Seventy-Two Thousand ($72,000) which is the amount of the personal allowance for a year of income. Pensions - Those under the National Insurance Act. Interest for saving accounts accruing to resident individuals on saving accounts or on Bonds or other Similar Investment instruments. Depending…

Taxable or Non-Taxable?This is one question always on the mind of every business owner!We have chosen to inspect the question of Taxable Income on this week's post, better equipping you for success in 2019 and beyond.TAXABLE INCOMETaxable income is a taxpayer's gross income, minus any allowable tax deductions or exemptions.A tax rate is applied to the taxable income figure to determine the amount of tax payable by a taxpayer.Many types of income can be included within the taxable income classification within Trinidad and Tobago including the following:CompensationDividend incomeGambling winningsInterest incomeLottery winningsProfits from the sale of real estateProfits from the sale of securitiesTip incomeOther types of income that are not classified as taxable income, including the following:Child support paymentsIncome paid into a retirement accountInheritancesScholarshipsWelfare Benefits or GrantsWorkers' Compensation paymentsAs an entrepreneur…

It’s critical that you understand Taxation Terminology and principles as an Entrepreneur. We are committed to providing guidance as it pertains to Organisational and Personal Financial Matters.Below are our view on Tax Evasion from the Accounting& Advisory Team at Robley Baynes Tax & Accounting Services.TAX EVASIONTax evasion is the wilful avoidance or underpayment of a tax. Both individuals and business entities can engage in tax evasion.There are a number of ways to evade taxes, such as not reporting taxable income and overstating the amount of applicable tax deductions and tax credits.Those found guilty of tax evasion can receive substantial fines and may also be charged with criminal offenses that can result in a person serving time in jail.Tax evasion differs from tax avoidance, where a taxpayer is using legitimate methods…