Tax Services alert: 1st quarter 2021 tax instalments due on or before 31 March 2021

Trinidad and Tobago 1st quarter tax payments are due on or before 31 March 2021. Where it is estimated that your company’s chargeable/ taxable profits for income year 2021 will be less than 2020,  Board of Inland Revenue approval is required to make a reduced quarterly tax instalment.

Interest at the rate of 20% per annum is imposed for the short payment (where prior approval is not obtained) of taxes and on the late payment of levies and taxes.

We would be pleased to assist you in preparing the tax computation to support the application for a reduction of the company’s quarterly tax instalments for income year 2021.