Trinidad and Tobago, officially the Republic of Trinidad and Tobago, is a twin island country off the northern edge of South America, lying just off the coast of northeastern Venezuela and south of Grenada in the Lesser Antilles.
Usually considered part of the Caribbean, it shares maritime boundaries with other nations including Barbados to the northeast, Grenada to the northwest, Guyana to the southeast, and Venezuela to the south and west. The country covers an area of 5,128 square kilometres and consists of two main islands, Trinidad and Tobago, with numerous smaller landforms.
Trinidad and Tobago is the third richest country per capita in the Americas after United States and Canada, and furthermore, it is recognized as a high-income economy by the World Bank. Unlike most of the English-speaking Caribbean, the country’s economy is primarily industrial, with an emphasis on petroleum and petrochemicals. The country’s wealth is mainly attributable to its large reserves and exploitation of oil and natural gas.
Contracting in Latin America is not a simple task and has many on-costs for employers. Most in country tax laws do not recognise contractors per se, hence contract workers may need to be remunerated as employees, taxes withheld and paid to various city, state and federal governments, and reserve funds held for other entitlements until end of contract. Please contact CXC Global for professional advice on the specific legislation applying in the country in order to facilitate contractors and foreign nationals working in Trinidad and Tobago. Forward planning is of the essence to optimize costs. Trinidad and Tobago has entered into Double Taxation Treaties with other countries.
For foreign national contract workers, contracting in Trinidad and Tobago, it would be wise to consult with CXC Global on the best way to structure, and how best to balance your taxation.
With our extensive experience and expertise in contractor management, and assisting organisations with their contingent workforce, CXC Global has the resources and solutions to manage the administration process associated with contracting in Trinidad and Tobago, facilitating accounting services and administration, local tax calculations, social security registration, tax balancing and preparation of personal income tax return at the end of the tax year.