Property Tax
- Property tax is a tax levied on all properties in Trinidad and Tobago, including residential and commercial.
- The amount of property tax is calculated based on the market value of the property and is due annually.
- The rate of property tax in Trinidad and Tobago ranges from 0.2% to 0.6%.
Capital Gains Tax (CGT)
- CGT is a tax levied on the profit made from selling a property in Trinidad and Tobago.
- CGT is calculated as a percentage of the profit made from the sale, which is calculated as the difference between the purchase price and the selling price of the property.
- The current rate of CGT in Trinidad and Tobago is 15%.
Inheritance Tax
- Inheritance tax is a tax levied on the transfer of property through inheritance in Trinidad and Tobago.
- The tax is calculated based on the market value of the property at the time of transfer.
- There is no inheritance tax in Trinidad and Tobago.
Gift Tax
- Gift tax is a tax levied on the transfer of property as a gift in Trinidad and Tobago.
- The tax is calculated based on the market value of the property at the time of transfer.
- There is no gift tax in Trinidad and Tobago.
Tax on Property Income
- Property income tax is a tax levied on rental income generated from a property in Trinidad and Tobago.
- The tax is calculated as a percentage of the rental income and is due annually.
- The current rate of property income tax in Trinidad and Tobago is 25%.
Tax Advantages in Buying a House in Trinidad and Tobago
- No inheritance tax or gift tax.
- Tax relief for first-time homebuyers.
- Tax relief for home improvement expenses.
- Tax relief for mortgage interest payments.