Nearly every penalty I have seen a business pay in Trinidad and Tobago was avoidable. Not the result of a dispute about the law, or an aggressive position, or a genuine difference of interpretation — just a date that passed. Here is the calendar in one place.
Monthly
| Obligation | Due |
|---|---|
| PAYE deducted from employees | 15th of the following month |
| Health surcharge deducted | 15th of the following month |
| NIS contributions (employer and employee) | By the National Insurance Board's monthly deadline |
| Withholding tax on payments to non-residents | By the end of the month following the payment |
The 15th is the date to build your month around. It is not negotiable and the money involved has already been deducted from someone's pay.
Bi-monthly / per taxable period
| Obligation | Due |
|---|---|
| VAT return and payment | 25 days after the end of the taxable period |
File even when there is nothing to declare. A nil return is still a return, and an unfiled period stays open indefinitely.
Quarterly
| Obligation | Due |
|---|---|
| Corporation tax instalment | 31 March, 30 June, 30 September, 31 December |
| Income tax instalment (self-employed) | 31 March, 30 June, 30 September, 31 December |
| Business levy | Quarterly |
| Green fund levy | Quarterly |
| PAYE quarterly return | 15 April, 15 July, 15 October, 15 January |
Note the two different quarterly patterns. Instalments fall on the last day of the quarter; the PAYE return falls 15 days after it. Diarise both.
Annual
| Obligation | Due |
|---|---|
| Individual income tax return | 30 April following the year of income |
| Corporation tax return | 30 April following the year of income |
| Balance of tax payable | With the return |
| TD-4 certificates issued to employees | Early in the following year, ahead of employees' filing |
| Employer's annual return of emoluments | Early in the following year |
| Fresh TD-1 collected from each employee | Start of each year of income |
| Annual return to the Registrar of Companies | By reference to the company's anniversary date |
Confirm dates that fall on weekends and holidays
Where a deadline falls on a weekend or public holiday, treatment can vary by obligation. Do not assume an automatic extension to the next working day — pay early rather than test it. Filing dates and procedures also change from time to time; confirm current requirements with the Inland Revenue Division or your accountant before relying on any calendar, including this one.
Event-driven deadlines
These are not on a calendar. They start when something happens, and they are the ones businesses miss.
- VAT registration — 21 days. Once commercial supplies exceed the threshold in any twelve-month period, you must apply within 21 days.
- New employee. Register with the NIB and collect a TD-1 before the first pay run.
- New business. Obtain a BIR file number promptly after registration or incorporation.
- Change of registered office, directors or secretary. Notify the Registrar within the prescribed period.
- Notice of assessment received. Objection periods are short and strictly enforced. Act the day it arrives, not the week before it expires.
How to make the calendar actually work
- Put every date in a shared calendar, recurring, with a reminder seven days ahead and again two days ahead.
- Assign an owner. "The office" does not file returns. A named person does.
- Close the books monthly. Most missed deadlines are really missed bookkeeping — you cannot file what has not been recorded.
- Hold tax money separately. VAT collected and PAYE deducted are not working capital.
- Keep proof of filing and payment with the working papers for the period. When a query arrives two years later, the evidence should take five minutes to find.
Penalties and interest are the most avoidable expense on any income statement. They are also the one an accountant cannot argue away after the fact.
General information only. This article sets out general information about accounting, taxation and insurance matters in Trinidad and Tobago as understood at the date of publication. Rates, thresholds, forms and filing procedures change, and the right treatment depends on your particular circumstances. It is not accounting, tax, legal or financial advice and should not be relied on as a substitute for professional consultation. Please confirm current requirements with the Inland Revenue Division, the National Insurance Board, your insurer or regulator as applicable — or speak with us before acting.