Trinidad and Tobago Tax Tables 2022 - Tax Rates and Thresholds in Trinidad and Tobago
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This page contains the tax table information used for the calculation of tax and payroll deductions in Trinidad and Tobago in 2022. These tax tables are used for the tax and payroll calculators published on iCalculator™ TT, these tools are provided for your free use on our website. If you would like additional tax table information added to the tax calculators for Trinidad and Tobago or would like to add to or suggest amendments to the information herein then please contact us.
2022 Tax Tables [Quick Links]
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Trinidad and Tobago Personal Income Tax Tables in 2022
The Income tax rates and personal allowances in Trinidad and Tobago are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Trinidad and Tobago Tax Calculator 2022.
Trinidad and Tobago provides an annual "Standard Deduction" that is deducted from your total income to produce your taxable income in Trinidad and Tobago in 2022:
Trinidad and Tobago Standard Deduction in 2022| Residence Status | Standard Deduction |
|---|
| Resident | $ 90,000.00 |
| Non-resident | $ 90,000.00 |
Trinidad and Tobago Residents Income Tax Tables in 2022
Personal Income Tax Rates and Thresholds (Annual)| Tax Rate | Taxable Income Threshold |
|---|
| 25% | Income from $ 0.000.00 | to | $ 1,000,000.00 |
| 30% | Income from $ 1,000,000.01 | | and above |
Trinidad and Tobago Non-residents Income Tax Tables in 2022
Personal Income Tax Rates and Thresholds (Annual)| Tax Rate | Taxable Income Threshold |
|---|
| 25% | Income from $ 0.000.00 | to | $ 1,000,000.00 |
| 30% | Income from $ 1,000,000.01 | | and above |
Note 1: a Personal exemption of $ 90,000.00 is provided to Residents of Trinidad and Tobago in 2022 which reduces the amount of taxable income.
Note 2: social security deductions are partially deductible when calculating taxable income in Trinidad and Tobago. Specifically, for the National Insurance contributions, an individual can deduct up to 70% of these contributions from their taxable income. This deduction applies to contributions made to the National Insurance System (NIS) by resident individuals, thereby reducing overall taxable income and potentially lowering income tax liability.
Trinidad and Tobago Social Security Rates in 2022
In Trinidad and Tobago, both employees and employers contribute to various social security schemes. These contributions fund a range of benefits designed to provide support in various life circumstances. The key elements of social security in Trinidad and Tobago are:
Trinidad and Tobago Social Security in 2022: Rates for Employers and Employees| Social security category | Employee | Employer | Total |
|---|
| National Insurance | 33% | 66% | 99% |
| Health surcharge | 8.25% | 0% | 8.25% |
Trinidad and Tobago Social Security in 2022: Earnings Thresholds for Employers and Employees| Social security category | Employee | Employer |
|---|
| Min. | Max. | Min. | Max. |
|---|
| National Insurance | $ 10,404.00 | $ 21,761.21 | $ 10,404.00 | $ 21,761.21 |
| Health surcharge | $ 5,640.00 | $ 6,069.00 | n/a | n/a |
Note: social security deductions are partially deductible when calculating taxable income in Trinidad and Tobago. Specifically, for the National Insurance contributions, an individual can deduct up to 70% of these contributions from their taxable income. This deduction applies to contributions made to the National Insurance System (NIS) by resident individuals, thereby reducing overall taxable income and potentially lowering income tax liability.
National Insurance System (NIS):
Employee and Employer Contributions: Both employees and employers contribute to the National Insurance System.
Funding Purpose: NIS provides several benefits, including retirement pensions, employment injury benefits, maternity benefits, and sickness benefits. It is designed to offer financial assistance and protection to workers in cases of retirement, work-related injuries, illness, and maternity.
Health Surcharge:
Employee and Employer Contributions: This is typically a contribution made by both employees and employers.
Funding Purpose: The health surcharge contributes to the funding of the public healthcare system. It helps in maintaining and improving healthcare services, ensuring that citizens have access to basic healthcare facilities.
Overtime, Vacation, and Sick Leave Payments:
Employer Responsibility: These are not direct contributions to a social security fund but are mandatory benefits that employers must provide.
Funding Purpose: These payments ensure that employees are compensated for overtime work and have access to paid vacation and sick leave, contributing to their overall well-being and work-life balance.
The social security system in Trinidad and Tobago is designed to provide a safety net for employees, ensuring they have financial support during times of need such as retirement, illness, or work-related injuries. Employers play a significant role in funding these benefits, contributing to the welfare and stability of the workforce.
Trinidad and Tobago VAT Rates in 2022
VAT rates for Trinidad and Tobago are reviewed annually, you can use the VAT Calculator to calculate VAT due in Trinidad and Tobago or use the Reverse VAT Calculator to calculate the net cost of goods/services after deducting VAT.
Trinidad and Tobago VAT Rates| VAT Rate | VAT Description |
|---|
| 12.5% | Standard Rate |
Historic Tax Tables supported for Trinidad and Tobago
The following tax tables are supported by iCalculator™ TT as part of the suite of free tax tools we provide for Trinidad and Tobago.