Trinidad and Tobago MOF Presents 2026 Budget Statement

The Trinidadian and Tobagonian Ministry of Finance Oct. 13 presented the 2026 budget statement. The budget statement includes measures to: 1) introduce a 0.25 percent asset levy for assets held by commercial banks and insurance companies with operations in Trinidad and Tobago, from Jan. 1, 2026; 2) introduce a 12.5 percent VAT rate on luxury electric vehicles with a cost, insurance, and freight (CIF) value exceeding TT$400,000 (US$58,907), from Jan. 1, 2026; 3) impose a 5 percent tax on the CIF value of single-use plastic at the point of importation, effective Jan. 1, 2026; 4) remove tax concessions on motor ...