As 2021 comes to an end, the Ministry of Finance is reminding the public of the Budget Measures that take effect on Saturday 1st January 2022.
Below are sixteen (16) of these new measures: 1) 5% reduction in tax rate for significant exporters of local goods for three (3) years. 2) 50% tax exemption on the first $100,000 of chargeable income for new companies whose core business activities are digitization and technology solutions. 3) 5% reduction in tax rate for three (3) years for Small and Medium Enterprises (SMEs) companies whose core business is technology solutions and digitization. 4) A full tax holiday for the first 5-year period to new SMEs listing on the Trinidad and Tobago Stock Exchange (TTSE). 5) $8,000 fine for overweight trucks. 6) 5% reduction in tax rate for manufacturing sector for two (2) years on qualifying projects. 7) Reduction in the rate of withholding tax to 8% on any distribution made and 3% where such distribution is made to a parent company, subsequent to the amendment of the Income Tax Act. 8) Increase limit to $30,000 on mortgage interest paid by first-time homeowners for five (5) years with effect of date of acquisition. 9) Increase the relief granted on approved pension and annuity plans to $60,000. 10) 100% exemptions on VAT, motor vehicle tax and customs duty on the importation of battery-powered electric vehicles with age limit of no more than two (2) years. 11) 100% exemptions on VAT and customs duty on specified therapy equipment for the hearing impaired, visually impaired and physical disabilities. 12) 10% increase in utility rebates on bills $300 or less. 13) 100% exemptions on VAT and customs duty on all remaining computer hardware, software and peripherals. 14) Research and Development Capital Allowance (tax relief) of up to 40% of expenditure (in calculating taxable profits) incurred by companies in Research and Development. 15) Tax Credit of 30% of the cost of investment up to a maximum of $500,000 for companies that invest in Carbon Capture and Storage and Enhanced Oil Recovery. 16) 150% tax allowance of up to $1 Million on corporate sponsorship to Heritage properties under the oversight of the National Trust. For further details on Budget 2022 initiatives, visit www.finance.gov.tt. We are a small operation. If you've found our articles to be informative, please consider supporting us via PayPal or buying us a coffee. Your contribution is incredibly appreciated and goes a long way. Simply sharing our articles also helps us. Sign up for our free WhatsApp Alerts to be notified as soon as we post breaking news. NEW! Check out our Merchandise Store for high-quality t-shirts, hats and more!
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