Trinidad and Tobago: Tax measures proposed in 2025 budget
The 2025 national budget statement includes direct and indirect tax proposals.
The Minister of Finance on September 30, 2024, presented the 2025 national budget statement, which includes tax measures that would:
- Introduce a tax amnesty program from October 1 to December 31, 2024, to provide taxpayers with a final opportunity to settle outstanding taxes before the Trinidad and Tobago Revenue Authority (TTRA) becomes fully operational
- Issue interest-bearing value added tax (VAT) bonds during fiscal 2025, totaling $3 billion,* with a target issuance date of January 31, 2025
- Make agriculture a tax-free industry by addressing existing ambiguities in tax laws that affect the interpretation of agricultural goods and equipment
- Exempt all sporting equipment from taxes and duties, except for clothing
- Eliminate all taxes on electric vehicles charging equipment
Read a September 2024 report prepared by the KPMG member firm in Trinidad and Tobago
*$ = Trinidad and Tobago dollar