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.
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 on the situation, exemptions can reduce taxes for taxpayers reporting high levels of income, lowering their overall Tax Payable position.
It is therefore critical for entrepreneurs to understand their available industry specific exemptions to legally reduce their overall taxable positions.
At Robley Baynes we help you navigate through your Tax Planning & Tax Management policy and procedures to reduce your overall Tax Implications.