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Changes to T&T VAT regime delayed

Published:Tuesday | January 5, 2016 | 12:00 AM

Changes to the Value Added Tax (VAT) regime in Trinidad & Tobago have been postponed.

In his 2015-16 budget speech, Finance Minister Colm Imbert promised that changes to the tax structure, including a decrease of 2.5 per cent, would have been implemented on January 1.

But in a release late Thursday, the Ministry of Finance confirmed that changes will now be effective from February 1.

The ministry said the delay was a consequence of the necessary changes required to the overarching legislation.

The government intends to introduce the proposed amendments to the Finance Act 2016 on January 8. The ministry will also publish the new list of exempt and non-exempt consumer products on the same day.

However, the ministry said all other measures such as the increase in personal allowance for individual taxpayers, the increase in the green fund, business levy and the implementation of property tax would still be effective January 1.

These taxes are paid on a quarterly or annual basis as opposed to VAT.