-
Business consulting services
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
-
Business process solutions
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
-
Business risk services
The relationship between a company and its auditor has changed. Organisations must understand and manage risk and seek an appropriate balance between risk and opportunities.
-
Cybersecurity
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
-
Forensic and investigation services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
-
Mergers and acquisitions
Globalisation and company growth ambitions are driving an increase in M&A activity worldwide. We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer- term strategic goals.
-
Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery
-
Transactional advisory services
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
-
Valuations
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.

-
IFRS
The International Financial Reporting Standards (IFRS) are a set of global accounting standards developed by the International Accounting Standards Board (IASB) for the preparation of public company financial statements. At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
-
Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
-
Global audit technology
We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.

-
Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
-
Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
-
Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
-
Indirect international tax
Using our finely tuned local knowledge, teams from our global organisation of member firms help you understand and comply with often complex and time-consuming regulations.
-
Transfer pricing
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public

-
Outsourcing Changes to the Outsourcing legislation, specifically when offshoringSignificant changes to the dynamic of the financial services sector in recent years have shifted the paradigms in how we work. The increased digitisation of the workforce, changes in business models, globalisation, and remote working capabilities have led to a new approach to the delivery of services.
-
Asset management Inflation and tax planningThe recent onset of rapid inflation is an unwelcome development that is having a widespread impact on US businesses and tax planning.
Indirect tax snapshot
Please click on each section to expand further:
Value Added Tax (VAT) is the main type of indirect taxation in Trinidad and Tobago.
It is a tax on consumption, which is applied during the production and distribution process to most goods and services. It is also applied to goods, and certain services, entering the country. Although VAT is ultimately borne by the consumer by being included in the price paid, the responsibility for charging, collecting and paying it to the tax authority at each stage of the process rests with the business making the supply ie the sale.
A business registered for the tax will charge VAT (output tax) on its sales, and incur VAT (input tax) on its purchases (including any VAT paid at importation). The difference between the output tax and the deductible input tax in each accounting period will be the amount of VAT payable by the business to the tax authority. Where the input tax exceeds the output tax, a refund can be claimed.
A transaction is within the scope of Trinidad and Tobago VAT if the following conditions are met:
• it is a commercial supply
• it takes place in Trinidad and Tobago
• it is made by a taxable person. For these purposes, a taxable person is a person or entity who is registered for VAT in Trinidad and Tobago, or has a liability to become so registered
• it is made in the course or furtherance of any business carried on by that person or entity.
There are two rates of VAT that are applied to goods and services in Trinidad and Tobago; the standard rate, and the zero rate. In addition, some goods and services are exempted from the tax.
Businesses that make only exempt supplies are unable to claim any input tax that they incur, so the VAT paid to suppliers will be a ‘real’ cost.
Most goods imported into Trinidad and Tobago are subject to VAT. The tax will have to be paid by the importer at the time of importation. Where the importation is for business purposes and the importer is registered for VAT, the VAT can be claimed against the output VAT. The Customs and Excise Division is responsible for the collection of VAT at the port where the goods arrive.
VAT is charged on the cost of the item imported plus any duties imposed at importation.
A ‘person’ who either makes or intends to make taxable supplies of goods or services in the course or furtherance of a business must register for VAT if the value of its taxable supplies in Trinidad and Tobago exceeds the annual registration limit, or is expected to exceed the limit in the near future. A business can register on a voluntary basis even if the registration limit has not been exceeded.
For these purposes, a ‘person’ includes any legal entity. Therefore, once a person is registered for VAT, all of his business activities can be covered by the registration. However, it may be permissible to register different business activities separately, but separate accounts will have to be maintained for each business activity.
There is no group registration in Trinidad and Tobago.
The normal VAT registration limit applies to all businesses regardless of whether they’re established in Trinidad and Tobago or not.
The Threshold for registration in Trinidad and Tobago is TT$500,000.
To date there is no special legislation enacted which specifically deals with electronically supplied/digital services.
The tax authority in Trinidad and Tobago may direct a person to appoint a VAT representative to act on their behalf for VAT purposes where the person:
• is a taxable person or makes taxable supplies in Trinidad and Tobago
• is not established, and does not have a ‘fixed establishment’ in Trinidad and Tobago
• in the case of an individual, they do not have their ‘usual place of residence’ in Trinidad and Tobago.
VAT returns normally cover an accounting period of two months, There are two cycles A and B, ie January-February or February- March ending on the last day of a calendar month, A businesses can request a specific accounting cycle if the nature of the business is such that warrants such a request, eg businesses with seasonal income and expenditure.
All VAT returns have to be submitted within 25 days of the end of the relevant accounting period, together with any tax due except where the due filing date falls on a weekend or holiday, in such a case the due date is the next working day.
There is no prescribed penalty for the late submission of a VAT Return per se, however, it is an offence and a penalty may be imposed on the summary conviction in a court of law.
There is a penalty of 8% for the late payment of tax due together with interest at the rate of 2% per month or part thereof from the due date to the date of Payment.
There are no other declaration required other than those already mentioned.
Yes. A range of penalties can be imposed where businesses do not comply with the VAT rules.
Penalties can also be applied where the business has failed to maintain adequate records, provide information (including additional declarations) or upon summary conviction where an offence has been committed.
Criminal proceedings may be brought in the case of more serious matters such as fraud.
No.
A VAT invoice must show:
• the words 'Tax invoice'
• an identifying serial number and date on which invoice was given
• the seller's name and address
• the seller's VAT registration number
• the customer's name and address
• a description sufficient to identify the goods or services supplied to the customer
• the value of supply
• the rate of VAT applicable to the amount claimed from the recipient in respect of tax
• any other particulars if any required by the regulations to be included in the tax invoice.
The following categories of business are exempt from the requirement for supplying a tax invoice:
• fast food outlets
• gas stations
• cinemas.
However, if the recipient requests a tax invoice such business will be obligated to comply.
Currently there is no requirement to submit any supporting files with the VAT Return. However, the VAT regulations specifies the minimum amount of records that are required to be kept by a VAT registrant. This does not include any electronic/Digital filing requirements.
Contact us
For further information on indirect tax in Trinidad and Tobago please contact:
Nicole E Lawrence |
Yolande Julal |
