Investor Presentaiton
Budget overview (continued)
K
During his presentation the Minister announced the expansion and extension of the Tourism Accommodation
Upgrade Project incentive, which is a tourism incentive that provides a reimbursable grant to eligible tourism
accommodation facilities. The extension will be effective from 1 October 2020 and will expire on 30 September
2023.
Trinidad and Tobago Revenue Authority
We welcome the Government's continued commitment to widening the tax net institutionally rather than by
raising tax rates. Instrumental to achieving this endeavour is the closing off of the tax gap estimated in 2017 at
about TT$11bn to TT$16bn. We noted the Minister's continuing commitment to the passing of the Trinidad and
Tobago Revenue Authority Bill, which the Government estimates will allow a reduction of the tax gap by TT$5bn
a year. It is yet to be seen whether the Opposition will heed the Government's call to support the legislation
since a 3/5 majority is needed to implement the Trinidad and Tobago Revenue Authority (TTRA). As an
autonomous authority, it is proposed that the TTRA would be more efficient and effective in achieving the
Government's goals of improved taxpayer compliance and minimising the tax gap. This is in keeping with the
objectives outlined in the Gordon Dean report which, at the time, identified the impediment to efficient tax
collections including the following issues, which the TTRA is poised to tackle: (1) a deficient staff assessment
and accountability framework (2) the use of outdated and inadequate use of technology and (3) inadequate
information exchange and co-ordination between the administration and other agencies for various taxes
levied.
What's Inside
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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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