Tax season can be a stressful time, especially if you’re unsure about deadlines, filing procedures, and tax deductions. To simplify the process, we’ve compiled some frequently asked questions (FAQs) to help you navigate the T&T tax season with confidence. There’s just one note: our blog is geared towards individual taxpayers; there will be different rules for corporations.
When is the Tax Deadline in Trinidad & Tobago? 
Your taxes should be filed by 30th April for income you earned in the previous calendar year. That means that by 30th April 2025, you should file your taxes for income earned in 2024.
How are Taxes Calculated?
All taxpayers are entitled to a Personal Allowance of $90,000 per year. This means that you don’t pay tax on your first $90,000 of income. If you earn less than this amount, you won’t be required to pay any income tax.
People who earn less than one million dollars, are taxed at a rate of 25%. If you earned more than a million dollars, you’ll be taxed at a rate of 30%.
Who Needs to File a Tax Return?
Not everyone is legally required to file.
You do not have to file a tax return if:
- Your employer deducts taxes from your salary and pays them to the government on your behalf
- You are not a professional or otherwise employed
You must file a tax return if:
- You are self-employed
- You earn income from your employer and from additional sources, such as rental income or a side business
- You are unhappy with the amount of tax that has been deducted from your earnings by your employer
- You wish to claim tax refunds
How Do I File My Taxes?
You can file your taxes online via the electronic system e-Tax. e-Tax allows you to submit returns more rapidly; view your account online, including your tax balance; check your refund status; and correspond with the Inland Revenue Division (IRD). The online system will let you know which documents you need and will allow you to save a draft of your filing and return to it later. If you don’t have e-Tax, you can open an account within two business days; get more info here.
What Tax Deductions are Available to Me?
There are a range of deductions available to taxpayers and we broke them down in our previous blog post. However, we’ll list some of the most common deductions below:
- If you contribute to an approved annuity plan, you can claim up to a maximum of $60,000
- First time homeowners can claim deductions, up to a maximum of $30,000, for the first five years following their home purchase
- Tertiary students can claim up to a maximum of $72,000 in tertiary expenses
- If you donate to charitable organizations or your place of worship, you can claim up to 15% of your total taxable income
The full list of deductions is available here.
Is There a Tax Amnesty?
The Ministry of Finance has extended the Tax Amnesty to 31st March 2025. This means that if you have not paid your previous taxes, you can do so before the designated date without being charged outstanding penalties and interest.
Can You Share Any Tips to Make Filing Easier?
- Start early: Don’t wait until the last minute to gather documents and file.
- Double-check your info: Ensure all figures and details are accurate.
- Keep records: Keep your own copies of all tax documents for at least five years.
- Seek professional advice if needed: If you’re need extra help, reach out!
What If I Need Extra Help?
You can read the Ministry of Finance’s advice on paying your taxes, which includes a listing of assistance available to taxpayers. If you want to reduce how much tax you pay and build wealth, you can always reach out to an agent to create a portfolio that will help you build the best financial future. Wishing you a hassle-free tax season; happy filing!
