In Trinidad and Tobago, Sole Traders pays the following taxes:
- Income Tax which is 25% on profit.
- Health Surcharge which is $429 per year for 52 weeks and $437.25 per year for 53 weeks. (Only if your employee’s weekly income is more than $109).
- Business Levy which is .6% on income earned for the year.
- They are paid every quarter on March 30th, June 30th, September 30th and December 31st.
- NOTE: If you work 8 to 4, you must combine the two incomes earned.