Glossary

  • BIR

    “BIR” means the Board of Inland Revenue 77:01
  • BLQ example 1

    You may want to pay on the 25th March instead of the 31st March. Your gross sales up to the 25th is $100 but you are expecting more sales by the 31st March. You can estimate how much sales you might get. If you believe you will receive a further $20 for the remaining period. Instead of declaring $100, you can declare $120 which includes the $100 of actual sales and the $20 estimated sales.
  • BLU example 1 [business-levy ]

    If you paid early and declared $120 in gross sales for the March 31st period but you realized at the end of the period, sales were actually $130. The tax on the $10 difference must be paid by the end of the second quarter which ends at June 30th.
  • BLU example 2 [business-levy ]

    For example, if you paid early and declared $120 in gross sales for the March 31st period but you realized at the end of the period sales were actually $140. That means you paid tax on only 85.71% for that period which is below the 90% threshold. That means you must pay interest on the tax for the 4.29%, (90%- 85.71%), difference. 90% of actual sales $140 is $126. Therefore, the tax on $6, ($126-$120) will face the 15% penalty.
  • company [business-levy ]

    “company” means any body corporate or unincorporated association, but does not include a partnership. 75.02
  • company* [green-fund-levy ]

    “company” means a body corporate or an unincorporated association and includes a partnership 77.01
  • emolument income

    • salary, wages, overtime, bonus, remuneration, perks • directors’ fees • retiring allowances or pension • does not include any salary or share of profits arising from a trade, business, profession or vocation carried on by any person either by himself or in partnership with any other person. 75.01
  • GFQ example 1 [green-fund-levy ]

    You may want to pay on the 25th March instead of the 31st March. Your gross sales up to the 25th is $100 but you are expecting more sales by the 31st March. You can estimate how much sales you might get. If you believe you will receive a further $20 for the remaining period. Instead of declaring $100, you can declare $120 which includes the $100 of actual sales and the $20 estimated sales.
  • GFU example 1 [green-fund-levy ]

    If you paid early and declared $120 in gross sales for the March 31st period but you realized at the end of the period, sales were actually $130. The tax on the $10 difference must be paid by the end of the second quarter which ends at June 30th.
  • GFU example 2

    For example, if you paid early and declared $120 in gross sales for the March 31st period but you realized at the end of the period sales were actually $140. That means you paid tax on only 85.71% for that period which is below the 90% threshold. That means you must pay interest on the tax for the 4.29%, (90%- 85.71%), difference. 90% of actual sales $140 is $126. Therefore, the tax on $6, ($126-$120) will face the 15% penalty.
  • gross sales or receipts

    Gross sales are the total of sale transactions within a time period. It is total sales before expenses are deducted. 
  • levy

    Levy in this context means tax.

© 2023 Innovation Activators Limited. | 5 Gordon Street, San Fernando | About tax.tt | Disclaimer | Give us feedback |  ia