Tax Health Check in Trinidad & Tobago

The challenge: not knowing where you stand

Most businesses in Trinidad & Tobago do not have a tax problem they can see. They have a tax position they have never independently checked. Returns get filed, payments get made, and everyone assumes the numbers are right — until a Board of Inland Revenue query, a financing round or a sale forces the question, and gaps surface that have been quietly compounding for years.

The exposure usually hides in the joins between taxes. VAT is treated separately from corporation tax; payroll runs on its own; withholding tax on payments abroad is forgotten entirely. Each function may look fine on its own, yet the overall position carries risk — under-declared output VAT, mis-claimed input credits, PAYE and NIS shortfalls, levies miscalculated, or deductions claimed that will not survive scrutiny.

Just as often, the picture runs the other way: businesses overpay. Reliefs go unclaimed, allowances are missed, and conservative treatments leave money on the table year after year. A tax health check is the diagnostic that tells you, clearly and independently, exactly where you stand — the risks to fix and the savings to capture.

The cost of not knowing is rarely a single dramatic event; it is the slow accumulation of small errors. A VAT classification applied wrongly on one product line repeats on every bi-monthly return. A payroll calculation that misreads an allowance recurs on every pay run. A deduction taken in good faith but unsupported by documentation sits on the return year after year until someone asks for the evidence. Because the Board of Inland Revenue can look back across several years at once, what felt immaterial in any single period can compound into a liability large enough to threaten cash flow — or a deal. A health check is simply the act of looking before that happens.

Why a tax health check matters in Trinidad & Tobago

The Trinidad and Tobago tax system has several moving parts, and a health check looks across all of them. The main heads we review include:

• Corporation Tax — currently 30% for most companies (with higher rates for petrochemical and certain regulated sectors such as banks), where the focus is on deductibility, allowances and accurate computations.
• Business Levy — currently 0.6% of gross revenue, payable where it exceeds corporation tax, which catches loss-making and low-margin companies off guard.
• Green Fund Levy — currently 0.3% of gross revenue, a charge on top line that is easy to under-provide for.
• VAT — standard rate currently 12.5%, with compulsory registration once commercial supplies reach TT$600,000 a year, bi-monthly returns, and zero-rated and exempt categories that are frequently misapplied.
• PAYE, Health Surcharge and NIS — payroll deductions where the personal allowance is currently TT$90,000 and errors accumulate every pay run.
• Withholding Tax — on payments to non-residents, an area routinely overlooked until BIR raises it.

Because BIR can assess across multiple years, a small recurring error becomes a large liability. The point of a health check is to find it on your terms, not theirs.

How Andersen helps

We run the tax health check as a single, structured diagnostic across every tax head, rather than a narrow look at one return. A partner reviews your filings, computations, payroll and major transactions, then sets out a plain-English report: what is sound, what needs attention, what it could cost if left, and what it would take to put right.

Crucially, we look in both directions. We flag the risks — the positions a BIR officer would challenge — and we identify the savings: reliefs and allowances you are entitled to but not claiming, and treatments that are needlessly conservative. The aim is a position that is both defensible and efficient.

Just as important is how we present the findings. Tax advice is only useful if you can act on it, so our report avoids jargon and ranks every issue by two things: how much is at stake, and how urgent it is. You will see at a glance which items demand attention now, which can be addressed in the normal course, and which are simply confirmation that something is being done well. Each finding carries a clear recommendation and, where we can, an estimate of the financial impact — so the decision about what to do next is straightforward rather than daunting.

Because Andersen runs no in-house statutory audit practice, the review is genuinely independent. We are not protecting an audit opinion or upselling against a conflict — the only interest we serve is yours. And as part of Andersen Global, where your affairs touch other jurisdictions we can draw on international colleagues to keep the whole picture coherent.

What's included in the tax health check

A typical health check covers:

• Corporation tax review — computations, deductibility, capital allowances and prior-year positions.
• Business Levy and Green Fund Levy check — confirming the right charge and provisioning on gross revenue.
• VAT review — registration status, output and input treatment, zero-rated and exempt classifications, and bi-monthly return accuracy.
• Payroll review — PAYE, Health Surcharge and NIS calculations, benefits-in-kind and contractor classification.
• Withholding tax review — payments to non-residents and any treaty considerations.
• Related-party screen — a first look at cross-border pricing risk, with deeper transfer pricing support where needed.
• Filing and payment compliance — deadlines, outstanding returns and penalty exposure.
• A prioritised action report — ranked by risk and value, with clear next steps.

Who this is for

The tax health check is our recommended entry point for most businesses. Consider one if:

• You have never had an independent review of your tax affairs.
• You are concerned a BIR query or audit could expose gaps you cannot quantify.
• You suspect you may be overpaying, or under-claiming reliefs and allowances.
• You are preparing for a sale, investment or financing round and need a clean tax position ahead of due diligence.
• You have grown quickly and your tax processes have not kept pace.
• You are a family business or SME without a dedicated in-house tax function.
• You have recently changed accountants, software or ownership and want a fresh, independent read.

Why choose Andersen

A health check is only as good as the judgement behind it. Ours is partner-led from start to finish — you deal directly with experienced advisers, not a rotating junior team — backed by more than 50 years of combined partner experience and the standards of Andersen Global, the international organisation of which we are the only accredited member firm in Trinidad & Tobago.

That gives you Big-Four-calibre rigour with the speed, access and value the Big Four rarely extend to SMEs and family businesses. Our independence — no statutory audit arm, no conflict — means the report you receive is candid: real risks named plainly, real savings identified, no padding.

We deliberately position the health check as a low-commitment first step, starting with a free initial consultation. From there, you decide what to act on — whether that is targeted corporate tax advisory, ongoing bookkeeping and accounting support, or simply the confidence of knowing your position is sound.

How the engagement works

We keep the process light and fast:

1. Free initial consultation. A no-obligation conversation to understand your business and the scope worth reviewing.
2. Information gathering. We request your recent returns, computations, payroll summaries and key records.
3. Diagnostic review. A partner works through each tax head, testing positions against current rules and BIR practice.
4. Findings report. A clear, prioritised summary of risks and savings, with quantified impact where possible.
5. Action plan. We agree what to fix, what to claim and how to stay clean — you choose the pace.

For a sense of what BIR looks for and how to prepare, see our hub guide, the BIR audit checklist for SMEs.