Investor Presentaiton
Personal Income Tax
measure
K
Overview of measure
Further, with the shift in working dynamics globally, a plethora of questions arise in respect of personal taxation
given that the way of working will forever be changed in some respects. These questions include:
(a) Can deductions be claimed in respect of home office expenses?
(b) Where a person is subject to tax (where the person works versus where he/she lives) in cases where
individuals reside in one country and is employed by a company in another jurisdiction and that employment is
exercised in the country where the individual resides?
(c) What proportion of certain benefits can be classified as personal benefits versus business expenses?
With more individuals exercising employment at home via online applications, arguably the physical
presence/nexus as a basis for determining an individual tax status of the individual is no longer viable or
certainly ought not to be the main yardstick to making the determination of ascribing taxing rights in
cross-border employment scenarios. The law must evolve to address these types of issues quickly, decisively
and comprehensively. What's more, the whole question of Benefits-in-Kinds (BIKs) and other benefits provided
by employers to their employees in the context of now equipping their home office or designated workspaces
will now have to be re-examined vis-a-vis the taxation of these benefits.
What's Inside
2 Click to Navigate
Territory Leader's message
Tax Leader's thoughts
Budget overview
Budget fundamentals - 2021
Historical economic data
Energy and energy related tax regime
Corporation tax
Value Added Tax & other indirect taxation
Personal Income tax
Stamp Duty
Summary of other measures
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About PwC
PwC | Trinidad and Tobago 2021 national budget
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