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Trinidad and Tobago

Published on February 22nd, 2016 | by TandT Newsday Newspapers

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Finance Minister advises, no VAT on pan

Steelband instruments are one of several items which will not be subject to the revised Value Added Tax (VAT) regime. This was revealed in a special notice published by the Finance Ministry in the name of Finance Minister Colm Imbert.

Referring to the VAT (Amendment to Schedule 2) Order 2016, the ministry said, “This schedule identifies items that are zero-rated. Any item which has not been identified on this schedule is subject to VAT at the rate of 12.5 percent.” Among the items which do not attract the new VAT rate are steelband instruments, listed as number 29 in the notice. The food items which remain zero rated include milk, cheddar cheese, corned beef, baking powder, rice, wheat flour, brown sugar, curry and toilet paper. Milk includes fresh animal milk, dry or powdered milk, dry or powdered skim milk and evaporated milk but excluding cream, condensed milk and milk which is concentrated or contains added sugar or other sweetening matter.

Live birds, fish, crustaceans, molluscs or other animals of a kind generally used as or yielding or producing, food for human consumption are also on the zero-rated list. Also not attracting the new VAT rate are, “medicines and drugs of a kind available only by prescription”, closed circuit television (CCTV) systems, toothpaste, soap, diaper, crude oil, natural gas, new private motor vehicles or new goods vehicles which are manufactured to use Compressed Natural Gas (CNG).

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