Persons do not have to pay Business Levy if:
Your emolument income exceeds 75% of your total income.
You are still within 3 years of the start of your business.
Your gross sales or receipts for a year has never exceeded TT$250,000. However, if the company’s sales have exceeded TT$250,000 in a year, then it must continue to pay Business Levy regardless of their sales amount.
If there are reasonable grounds to believe the sales will exceed TT$250,000 for the current year then Business Levy must be paid in the current year.
Your gross sales or emolument income are exempted from Income Tax.
Companies | 75.02
Companies that are still in the first twelve months following their registration.
The definition of Persons includes Companies in it therefore, companies also benefit from the three (3) years grace for Business Levy.
A company does not have to pay Business Levy if its sales for a year has never exceeded TT$360,000. However, once the company’s sales have exceeded TT$360,000 in a year, then it must continue to pay Business Levy regardless of their sales amount.
If there are reasonable grounds to believe the sales will exceed TT$360,000 for the current year then Business Levy must be paid in the current year
Companies or statutory corporations exempt from Corporation Tax.
Companies that are subject to tax under the Petroleum Taxes Act.