How do I register for VAT in Trinidad?

Register with the VAT Administration Centre. Collect tax at twelve and a half per cent (12.5%) on supply of goods and prescribed services. Remit the Net VAT collected to the Cashiers Unit, Inland Revenue Division. File a VAT return.

How does VAT work in Trinidad?

Value Added Tax, or VAT, is applied to both goods and services in Trinidad and Tobago and is included in the final price of the product. VAT is charged at a rate of 12.5%. ... If the amount of VAT that a business pays is more than they collect, the Inland Revenue Division will refund the balance.

What is the purpose of a BIR number?

A BIR Number is an identification number used by the Board of Inland Revenue (BIR) in the administration of tax laws.

How does VAT work in Trinidad?

Value Added Tax, or VAT, is applied to both goods and services in Trinidad and Tobago and is included in the final price of the product. VAT is charged at a rate of 12.5%. ... If the amount of VAT that a business pays is more than they collect, the Inland Revenue Division will refund the balance.

What are the requirements to register for VAT?

The annual threshold for VAT registration is UGX 150 million. Persons who make supplies that are VATable and whose turnover exceeds UGX 150 million are required to register for VAT with the URA. VAT-registered persons are required to: Charge VAT whenever they make supplies that are VATable.

Can I apply for a BIR number online?

Individual. Yes, Simply click here to register for a BIR number through e-TAX.

How do you calculate VAT in Trinidad and Tobago?

Determine the net price (VAT exclusive price). ... Find out the VAT rate. ... To calculate the VAT amount: multiply the net amount by VAT rate. ... To determine the gross price: multiply the net price by VAT (again, we'd get 11.50 ) rate and then: Add it to the VAT exclusive price so you get the VAT inclusive.

Do all companies need to be VAT registered?

If at any time, your business turnover for the previous 12 months exceeds the current VAT threshold level (currently 85,000 from 1st April 2020), then your company must register for VAT. You should also register if you expect your turnover to exceed the threshold within the next 30 days alone.

What do I need to get my Bir number?

Original & copy of the Certificate of Incorporation / Registration. Name & File Numbers of Directors. Original & Copy of Notice of Directors. Original and Copy of Notice of Addresses. Outstanding returns (if applicable).

What are the requirements to register for VAT?

The annual threshold for VAT registration is UGX 150 million. Persons who make supplies that are VATable and whose turnover exceeds UGX 150 million are required to register for VAT with the URA. VAT-registered persons are required to: Charge VAT whenever they make supplies that are VATable.

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Application Form (vat 604) - Inland Revenue Division

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Q: What do I need to get my Bir number?

Original &amp; copy of the Certificate of Incorporation / Registration. Name &amp; File Numbers of Directors. Original &amp; Copy of Notice of Directors. Original and Copy of Notice of Addresses. Outstanding returns (if applicable).

VAT 604 GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO BOARD OF INLAND REVENUE VALUE ADDED TAX REQUEST FOR INFORMATION RE: VAT REGISTRATION FOR PURPOSES OF SECTION 14(8) OF THE VALUE ADDED TAX.

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