As an entrepreneur, you are required by law to have a B.I.R. number for your entity whether sole trader, partnership, limited liability or non-profit organization.  Please note there are NO FEES attached to this service offered by the Ministry of Finance except if this task is performed by a third party for the entity such as an accountant or lawyer.

There are three (3) types of businesses:

  1. Sole Trader
  2. Partnership
  3. Limited Liability Company & Non-Profit Organizations

When registering your business these are the:


Requirements of Sole Trader:

  1. A letter of representation, where the company is represented by someone other than the Sole Trader example, Destiny Planners.  The third party must show identification in addition to the Letter of Representation.
  2. Completed Form IA, Section A – For Individuals
  3. Original and copy of the Certificate of Registration
  4. B.I.R. numbers of individual
  5. Copy of individual’s IDs
  6. Outstanding Tax Returns (if applicable)

Requirements of Partnership:

  1. A letter of representation, where the company is represented by someone other than the Partner example, Destiny Planners.  The third party must show identification in addition to the Letter of Representation.
  2. Completed Form AOL, Section B – For Applicants other than Individuals
  3. Completed Form DP, Section C – Names and Addresses of all Directors or Members
  4. Original and copy of the Certificate of Registration
  5. B.I.R. numbers of all partners
  6. Copy of partner’s IDs
  7. Outstanding Tax Returns (if applicable)

Requirements of Limited Liability Companies and Non Profit Organizations:

  1. A letter of representation, where the company is represented by someone other than the Director(s) example, Destiny Planners.  The third party must show identification in addition to the Letter of Representation.
  2. Completed Form AOL, Section B – For Applicants other than Individuals
  3. Completed Form DP, Section C – Names and Addresses of all Directors or Members
  4. Original and copy of the Certificate of Incorporation/Registration
  5. Original and copy of Notice of Directors
  6. Original and copy of Notice of Addresses
  7. B.I.R. numbers of all directors
  8. Copy of Director’s IDs
  9. Outstanding Tax Returns for both the directors and business (if applicable)

Please note it is your responsibility to file your BUSINESS TAX RETURN every year.  It is should be completed at the earliest by April 30th of the following year or by the latest October 31st of the following year.  Interest of twenty percentages (20%) accrues per annum.  For example: 2013 TAX RETURNS will be due on April 30th, 2014 but not later than October 31st, 2014.  The twenty percentage (20%) interest will be incurred on October 31st 2014 if the returns are not filed by then.

There are also penalties attached for late payment which are reviewed every year.  For 2013 the penalties were as follows:

Penalties for Outstanding Tax Returns are as follows:       

Year Self Employed Individuals & Partners Companies
Year 6 $1,100 $11,000
Year 5 $900 $9,000
Year 4 $700 $7,000
Year 3 $500 $5,000
Year 2 $300 $3,000
Year 1 $100 $1,000

With the announcement of TAX AMNESTY on July 5th, 2016 granted to the citizen of Trinidad and Tobago until September 16th, 2016.  We advise all business owners and individuals to take full advantage of this TAX AMNESTY as you will not have any penalties or interest to pay…only the taxes owed to the state.

 

 

“A business that makes nothing but money is a poor business.” – Henry Ford