Trinidad & Tobago VAT rate cut to 12.5%
Trinidad and Tobago is to cut its standard VAT rate to 12.5%. In compensate for the loss of revenues and ensure a balanced budget by 2018, the Caribbean Island will introduce other VAT reforms.
- The reclassification of many items from the exempt and nil rated classification
- An increase in the VAT registration threshold from TT$ 360,000 to TT$500,000
- Cutting the standard VAT rate from 15% to 12.5%
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