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Customs and Excise Duty Exemptions
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Under Section 22, persons granted interim approval for a tourism project may apply for permits to:
(a) Import goods into Trinidad and Tobago free of customs duty.
(b) Purchase building materials and tourism equipment locally with a drawback of customs or excise duties.
Under Section 4 (2), a licence to import vehicles with the payment of customs duty at the rate of 10 percent and value added tax of 12.5%
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For applications in Trinidad:
Tourism Trinidad Limited
Level 18, Tower D
International Waterfront Centre
1A Wrightson Road
Port of Spain.
Tel: +1(868) 612-7412
Email: investments@visittrinidad.co.tt |
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Tax Benefits Under the Tourism Development Act
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- A tax exemption not exceeding seven years in respect of gains or profits from the approved tourism project.
- An accelerated depreciation of depreciable equipment owned by the owner or operator and used in an approved tourism project.
- A capital allowance in respect of approved capital expenditure incurred by the owner or operator in the creation of a new tourism project or in the expansion of an existing tourism project.
- A tax exemption on dividend from tax exempt gains or profits paid to non-resident shareholders who are nationals and non-resident shareholders who are not nationals and not liable to tax in respect of those dividends in the country in which they are resident.
- A carry-over from a tax exemption period, if any, of any loss arising out of the operation or renting of an approved tourism project.
- Exemption from customs duty on imported building materials and articles of tourism equipment, or if purchased in Trinidad and Tobago, a drawback of customs duties or excise duties, on items not manufactured or readily available locally.
- A tax exemption in respect of the gains or profits derived from the initial sale of a villa or condominium or the site for a villa or condominium that forms part of an Integrated Resort Development (IRD) which is approved tourism project.
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For applications in Trinidad:
Tourism Trinidad Limited
Level 18, Tower D
International Waterfront Centre
1A Wrightson Road
Port of Spain.
Tel: +1(868) 612-7412
Email: investments@visittrinidad.co.tt |
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3.
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Other Tax Benefits - Tourism Transport Services
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Section 4 (3) The owner or operator of a vehicle imported for use in an approved tourism project shall be exempt from the payment of motor vehicle tax (MVT).
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For applications in Trinidad:
Tourism Trinidad Limited
Level 18, Tower D
International Waterfront Centre
1A Wrightson Road
Port of Spain.
Tel: +1(868) 612-7412
Email: investments@visittrinidad.co.tt |
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Trinidad and Tobago Tourism Accommodation
Upgrade Project (TAUP)
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TAUP provides an incentive to owners/operators of tourism accommodation properties to upgrade their facilities. The incentive is in the form of a partial reimbursement grant and is available to eligible small-medium sized tourism accommodation properties with 1-150 guestrooms, that have been in operation for four years and over.
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For applications in Trinidad:
Tourism Trinidad Limited
Level 18, Tower D
International Waterfront Centre
1A Wrightson Road
Port of Spain.
Tel: +1(868) 612-7412
Email: investments@visittrinidad.co.tt
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| Agricultural Incentive Programme – Fisheries – Vessel Subsidy |
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This incentive offers subsidisation on vessel costs:
- Replacement of Pirogues: 25% of cost up to a maximum of $5,000
- Used Multipurpose Vessels: 10% of cost up to a maximum of $50,000
- New Multipurpose Vessels: 20% of cost up to a maximum of $100,000
- Upgrades to Commercial Vessels to meet HACCP standards: 25% of cost up to a maximum of $10,000
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| Forestry Incentive Programme –Watershed Rehabilitation |
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| This incentive encourages landowners to plant forest seedlings on their land. In return, they receive a rebate of 50% of the cost of the operation up to twenty-five hundred dollars ($2,500.00) per hectare. |
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| Forestry Incentive Programme –Machinery and Equipment |
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| Farmers involved in the rehabilitation of watersheds, Taungya gardens, and the establishment of fire traces and nature trails are eligible for 50% of the cost up to twenty-five thousand dollars ($25,000.00). |
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Forestry Incentive Programme –Perimeter Fire Trace
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| This incentive is given to encourage farmers to establish fire traces around and within their estate to help prevent the loss of vegetation due to fires. Farmers are eligible for 20% of the cost up to two hundred and fifty dollars ($250.00) per kilometre. |
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Forestry Incentive Programme –Vehicles
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| This incentive is available to farmers when a minimum of two (2) hectares of land is rehabilitated in any year, with a minimum of four (4) hectares targeted for rehabilitation. Vehicle incentives are paid in five annual tranches, each equivalent to one-fifth (1/5) of the value of the incentive. |
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| Forestry Incentive Programme – Taungya Land Clearing |
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| To meet the requirements for this incentive, the farmer is required to grow food/agricultural crop simultaneously with the Forestry Divisions’ establishment of forest trees. This incentive offers payments up to eight hundred dollars ($800.00) per hectare for land clearing. |
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| Forestry Incentive Programme – Establishment of Nature Trails |
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| Nature trails recommended by Tourism Trinidad Limited and at least 1 kilometre in length and 2 metres in width are considered under this incentive. Farmers are eligible for a 15% rebate of the costs, up to five hundred dollars ($500.00) per kilometre. |
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Renewable Energy/ Business Rebate for Agriculture
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| For approved agricultural holdings, a rebate of $25,000.00 will be granted for the implementation of renewable energy, such as solar and wind. |
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