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Trinidad & Tobago Business Report

General information
Source: The World Factbook - Central Intelligence Agency
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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)
78/180

High 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/A
Customs 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.

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