In Trinidad and Tobago, Self Employed or Sole Traders pays the following statutory deductions:
- Self Employed or Sole Traders do not pay N.I.S. Only unless they were in a corporate job, retired and maintained their N.I.S. payment immediately after leaving their job.
- P.A.Y.E. is only paid when your annual income goes over $90,000 as of Jan 1, 2023. It is $84,000 for 2022. Once it goes over, you must calculate the excess by 25%. This is your income tax rate.