An upper-middle-income country situated on the Gulf of Guinea, Gabon is one of Africa’s leading oil producers. With a population of around 1.7m and a stable political system, it plays a leading role in the region through its membership in the CEMAC economic bloc.
Lower government revenues following the downturn in global hydrocarbons prices have prompted Trinidad and Tobago to re-evaluate its spending priorities and intensify its efforts to diversify the largely energy-driven economy. Thanks to the country’s strong fundamentals, 2015 is expected to be a recovery year, with the Caribbean Development Bank forecasting expansion of 1.7%, after GDP growth of less than 1% in 2014.
This chapter provides an overview of T&T’s tax regime, covering areas of particular interest to investors such as corporate and individual income tax, value-added and Customs tax, as well as tax exemptions, among other aspects. In addition, it features a viewpoint with Angela Lee Loy, Chairman, Aegis Business Solutions, on the tax incentives supporting economic diversification.
Income tax in Trinidad and Tobago is payable for each year of income on all income accruing in or derived from T&T, regardless of whether the individual is resident or not. The year of income is the calendar year and is the basis period for all sources of income except profits from trade, business, profession or vocation, in which case it is the financial year ending...
In September 2014 the 2014/15 national budget of Trinidad and Tobago was predicted to be TT$60.35bn ($9.3bn) for the fiscal year. This budget was based on the assumption that oil prices would not dip below $80 a barrel. However, they continue to fluctuate and have averaged just below $60 a barrel. The decline brings the need for diversification into a focus today....
Panama utilises a territorial taxation system that levies taxes only on operations that take place or that have effects within the country’s territory. Income tax, in particular, is levied only on income that arises from a Panamanian source, regardless of the nationality or residence of the income recipient.
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