te is TT$6.45 per week, for monthly income over TT$1,000; 70% of such contributions may be deductible in arriving at taxable income.
Health surcharge/National insurance health surcharge is deductible at source for all employees, in accordance with the national insurance regulations. The maximum rate is TT$8.25 per week for monthly income over TT$470.
Business levy/As of January 1,1999, a business levy of 0.25% is applicable to sole traders and self-employed individuals having gross income or receipts in excess of TT$200,000 per annum.
TAX ADMINISTRATION
Returns/Tax returns must be filed by April 30 of the year following the calendar or accounting year-end. A six-month grace period is allowed, following which a penalty of TT$100 for every six months or part thereof accrues. Tax returns are filed for income earned in a calendar year 9which coincides with the tax year) except in the case of a sole trader or
partnership, where filing is done according to the accounting terminal date.
Each individual must file a separate tax return. There is no provision for joint filing by husband and wife.
Payment of tax/Income tax is deducted at source on all employment income under the pay-as-you-earn (PAYE) system. Any shortfall of taxes deducted at source should be settled by the due date, i.e., April 30 following the year of income.
TAX RATES
The tax rates currently in force for 1999 are listed below.
TAXABLE INCOME TAX ON PERCENTAGE
OVER NOT OVER COLUMN 1 ON EXCESS
(COLUMN 1)
0 TT$ 50,000……………… - 28
TT$ 50,000…………………………………… TT$ 14,000 35
INDIVIDUAL TAX CALCULATION
Year of income 1999
Assumptions
1. Individual alien with salary of TT$340,000, with a nonworking spouse
and two children attending school.
2. Alien is resident for more than 183 days in a calendar year and therefore is able to claim personal allowance.
3. Alien owns a residential property and is able to secure a mortgage in Trinidad and Tobago.
Tax computation
Salary ……………………………………………………………… TT$ 340,000
Deduct:
Mortgage interest(25,000, but restricted) … 18,000
National insurance contributions(335×70%)… 234 18,234
Subtotal ……………………………………………………………… 321,766
Deduct-Personal allowance………………………………………… 20,000
Taxable income……………………………………………………… TT$ 301,766
Income tax thereon:
On first 50,000…………………………………… 14,000
On remainder (251,766) at 35%……………… 88,118 TT$ 102,118
Less-PAYE withholding ……………………………………… (100,000)
Balance due…………………………………………………… TT$ 2,118
Note:
Exchange rate of the Trinidad and Tobago dollar at January 1,1999: US$1=
TT$6.3
| |
上一页 [1] [2]
