Government Incentives

Government Incentives

The Government of the Republic of Trinidad & Tobago (GORTT) encourages foreign direct investment in almost all sectors, with a range of incentives specifically focused on non-energy targeted sectors.

Highlights

  • Up to TT $1m

    R&D Grants

  • Up to TT $200,000

    Agricultural rebate programme

  • 5 Year

    Tax relief for manufacturing investment

  • 7 Year

    Tax exemption on tourism related business profit

Incentives to Investors

All Sectors

  • R&D grants up to TT$1M for non-energy manufacturing and service businesses
  • R&D patent registration grant up to TT$300K for non-energy manufacturing and service businesses
  • Annual wear and tear allowances
  • Export market entry cost reimbursement
  • Trade financing options through EXIMBANK
  • No restrictions on repatriation of profits
  • No licence required to purchase up to 1 acre of land for residential purposes

Agriculture Incentives

The Ministry of Agriculture, Land and Fisheries is the authority responsible for the administration of incentives in the Agricultural sector. The Agriculture Incentive Rebate Programme offers rebates ranging from TT$200 to a maximum of TT$200,000.

Manufacturing Incentives

Fiscal Incentives are benefits granted to larges cale manufacturers or processing enterprises under the provisions of the Fiscal Incentives Act, Chapter 85:01 (as amended).

All sectors incorporating a manufacturing element

  • Exemption from customs duties, VAT and income tax.
  • Duty free treatment on raw materials, machinery, equipment, and in some cases packaging material
  • 5 year tax relief

All sectors incorporating an export reliant manufacturing element

  • Exemption from Corporation Tax, specific import duties, VAT, withholding taxes, container examination fees and work permit fees, land and building taxes

Maritime manufacturing

  • Exemption on VAT for locally registered firms engaged in repairs of ships, yachts, and pleasure craft.

Creative Industries

  • Duty Free Concessions for filmmakers on machinery, equipment, and materials for the production of motion pictures

Tourism Incentives

The Tourism Development Act (TDA), 2000 (as amended) provides for benefits to be granted to the owners/operators of various types of tourism projects, once these projects have the potential of contributing substantially to the growth of the tourism sector. The benefits that are offered include:

  • Tax exemptions on profits not exceeding 7 years
  • A range of tax exemptions on activities related to the tourism industry
  • Specific Customs and Excise Duty exemptions

Government Involvement

Generally there are no restrictions or disincentives to investment. Foreign ownership of companies is permitted and welcomed under the Foreign Investment Act (1990).

The GORTT generally only gets involved in foreign investments when the investor is seeking government incentives or concessions such as tax holidays, duty-free imports of equipment and materials, or exemption from VAT on inputs.

The government also becomes involved when an investor wishes to lease land in one of the government-owned industrial parks, and when a planned activity requires a license, such as mining or drilling.

Nationals and non-nationals are generally treated equally with respect to obtaining licenses.