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Trinidad to cut value added tax to 12.5 percent

Staff writer ▼ | January 14, 2016
The government of Trinidad and Tobago will reduce the rate of value added tax from 15 percent to 12.5 percent effective February 1, a Finance Ministry official confirmed to EFE.
Trinidad and Tobago
Trinidad and Tobago   Part of a broader plan for the economy
Prime Minister Keith Rowley, who took office in September, plans to reduce the VAT rate as part of a broader plan for the economy.

While trimming the rate, the Finance Ministry has removed 99 “non-essential” food items from the list of products exempt from VAT.

The Finance Bill, approved early Tuesday by the House of Representatives, also increases the personal allowance for low-income workers.

Trinidad and Tobago is a twin-island country with about 1.3 million people.