North America
Central & South America
Europe
Africa
Asia & Middle East
Southeast Asia & Oceania
Trinidad & Tobago Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
1,215,527 (July 2018 est.)GDP (PPP)
$42.85 billion (2017 est.)The economy is dependent on the energy sector (40% of GDP and 80% of exports), especially gas, as the country produces about nine times more natural gas than crude oil on an energy equivalent basis.
GDP growth rate
-2.6% (2017 est.)Economy suffering from a pullback in energy-related investments and lower oil and gas prices
GDP (PPP) per capita
$31,300 (2017 est.)One of the highest per capita incomes in Latin America
Local currency
Trinidad and Tobago dollars (TTD)Stable currency, it depreciated less than 10% as a result of the oil price crash in 2016
Financial stability (Public debt)
41.8% of GDP (2017 est.)Trinidad and Tobago is buffered by considerable foreign reserves and a sovereign wealth fund that equals about one-and-a-half times the national budget
Inflation
1.9% (2017 est.)Low
Language
English (official)English is the official language along with local dialects [Trinidadian Creole English, Tobagonian Creole English, Caribbean Hindustani (a dialect of Hindi), Trinidadian Creole French], Spanish and Chinese
Corruption perception index (Source: Transparency International)
78/180High level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
12.5%Basic food items and agricultural supplies are zero-rated, as are crude oil, natural gas, hotel accommodation and yachting services to non-residents.
Corporate Tax
30%Rates can be as low as 15% for life insurance companies and as high as 50% for petroleum production companies. Companies may be subject to business levy at 0.6% of revenue where the levy exceeds the corporation tax liability. A green fund levy of 0.3% on gross income is also applicable.
Duties
N/ACustoms duties are imposed at varying rates on imports and manufactured goods according to classification in Schedules to the Customs Act. The basis is the cost, insurance, and freight (CIF) value of the goods at the time of import. However, there is a provision for exemptions in relation to specific goods.
Are you interested in Caribbean business? Does your company deal with Central American trade?
Globartis is the place for you! We are an active player in Central America business and Caribbean import-export, especially Caribbean import.
We can help you in finding Trinidad and Tobago companies or a Trinidad and Tobago partner in Port of Spain: join now and start doing business in Trinidad & Tobago!
Whether you are looking for Trinidad & Tobago trade or Trinidad & Tobago imports and exports, become a member now for free and grow your company in the Trinidad and Tobago business.