Download Forms

Category Centre - Employees/Pensioners

 

FOR THE EMPLOYEE (THE EMOLUMENT EARNER)

 

YOUR RESPONSIBILITIES -

• On taking up employment for the first time -
  • Apply for a Board of Inland Revenue (BIR) File Number

• Give BIR Number to your Employer

• Complete a Tax Declaration Form 1 (TD1) and give to your employer. A TD1 would require prior approval from the Inland Revenue Division where claims are made in respect of – Tertiary Education Expenses, First Time Acquisition of Home, Alimony/Maintenance, Contributions to Deferred Annuity or Pension Plans, Investment in Venture Capital.

• A new TD1 must be completed and submitted to your employer within seven days of a change in any of your deductions.

• Ensure that your employer is deducting the correct Income Tax from your emoluments (Income).

• Assess your Tax Liability by April 30^th of the year following that in which you earned the Income to ensure you paid the correct tax for that year.

• Interest is charged at the rate of 20% per annum from May 1st to the date the payment is made.

• Keep all records of TD 4 Certificates obtained from your employer(s).

• If required to File an Income Tax Return, ensure that all supporting documents are attached including your TD4 Certificates.

• Income from all sources must be included on ONE Income Tax Return for a year of income.

 

See "Tax Guide for the Individual"

 

FOR THE PENSIONER            

 

• An individual in receipt of Pension is required to submit a completed  Tax Declaration Form 1 (TD  1) to the party making the pension payment.

• Where pension is received from two or more sources the TD1 form must be submitted  to the Inland Revenue Division for prior approval. The Board of Inland Revenue would issue directives to each party indicating the amount of tax to be withheld from each payment.

• Where the correct tax has been withheld from pension payments and you are not in receipt of income from any other source, you are no longer required to submit an Income Tax Return.   

 

---

 

ALLOWABLE DEDUCTIONS & CREDIT

INCOME YEAR 2009

These deductions, credits are available to Resident Individuals,  i.e individuals in the country for a period exceeding 183 days for the year.

 

DEDUCTIONS

• Personal Allowance                                                                           - $60,000
• First Time Home Owners                                                                    - $10,000
• Contributions/Premiums to Deferred Annuities/Pension Plan/70%NIS           - $30,000
• Tertiary Education Expenses
  • (institutions outside T&T excluding Public Regional Institutions)          - $60,000
• Alimony/Maintenance                                                                         - 100% of contributions

CREDIT

Investment in a VENTURE CAPITAL COMPANY - the credit granted is equivalent to the individual's marginal rate of tax multiplied by the actual investment made.

 

TAX RATES

CHARGEABLE INCOME       25%