Page 142 - Caribbean-Central America Profile 2018

TRINIDAD & TOBAGO

CARIBBEAN-CENTRAL AMERICA PROFILE 2018

Official Name: Republic of Trinidad and Tobago
Capital: Port-of-Spain
Tobago
Nationality: Trinidadian(s), Tobagonian(s)
TRINIDAD & TOBAGO Official Language: English
Population (millions): 1.36 (2016 est.)
Size: 1,980 square miles
Currency: Trinidad and Tobago Dollar (TTD)
Internet Domain : .tt
Trinidad International Dialling Code: +1 868
Electricity: 110/230v/60 cycles

COUNTRY OVERVIEW INVESTMENT INCENTIVES
The Government of the Republic of Trinidad & Tobago encourages foreign direct investment
q The Republic of Trinidad and Tobago in almost all sectors, with specific focus on the non-energy targeted sectors. There are no
comprises of two islands and is located at the
Southern-most point of the Caribbean. restrictions or disincentives to investment. Foreign ownership of companies is permitted and
q Trinidad - the larger of the two islands, has is guided by the Foreign Investment Act (1990).
the capital city Port of Spain, which is the While there are various government bodies to facilitate investment in the country, the
main centre of government. Government encourages the creation of new opportunities and the incubation of new business
q Port of Spain is a hub of business activity and without government interference.
a major financial centre.
q San Fernando is the second largest city in The incentive regime comprises of various pieces of legislation such as:
the country, and is considered the industrial • The Fiscal Incentives Act, Chapter 85.
capital. • The Customs Act, Chapter 78:01.
q Trinidad is rich in natural resources, • The Income Tax (In Aid of Industry) Act, Chapter 85:04.
predominantly oil and gas, and is known • The Corporation Tax Act, Chapter 75:02.
for its cosmopolitan lifestyle and many • The Tourism Development Act, 2000.
festivities. • The Free Zones Act, 19 of 1988.
q The more serene Tobago is situated off the
north-east coast of Trinidad and is the centre There are a range of investment incentives available:
of the country’s tourism industry, with its • Concessions from import duty on raw materials, machinery and equipment for approved
coral reefs, sugary-white sand beaches, industrial projects
natural beauty and a charisma all of its own. • Exemption from corporation tax on profits and from tax on dividends (under the Fiscal
q Tobago principal administrative centre is Incentives Act and Tourism Development Act)
Scarborough, and is situated in the southern • Loss write-off provisions
region of the island. • Training subsidies for developing new skills
The Trinidad and Tobago economy is primarily • Provision of industrial sites and developed industrial accommodation
energy-based, with large exports of oil, gas and • Export credit insurance
downstream energy products providing the bulk • Double taxation relief
of the country’s revenues. Strategically located • Exemption from Value Added Tax on inputs for companies exporting 80% of production
at the gateway to North and South American • Free Zones under Act 19 of 1988
markets, Trinidad and Tobago offers excellent • Venture Capital Companies under Act 22 of 1994
investment opportunities in maritime and creative
industries, agribusiness, financial services, clean There are currently twelve main industries that have been identified for development in
technology and tourism. Trinidad and Tobago:
Supported by a strong economy, and with a The four major industries are:
wealth of natural, human and economic resources, • Information and Communication Technology (ICT)
Trinidad and Tobago is uniquely well-positioned • Downstream from Energy
as the world’s next leading business destination for • High Value Manufacturing (HVM)
domestic, regional and international companies.
• Tourism

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