Search


Annuities


A number of financial institutions in Trinidad and Tobago offer products called annuities. An annuity is a financial product that allows you to pay premiums and then receive regular or lump sum payments in the future, usually upon maturity of the plan or at retirement. One advantage of an approved deferred annuity is that the contributions are tax deductible. Buying an annuity now can help lower your tax bill and provide a guaranteed source of income later in life.




How do annuities work?

Your financial institution or insurance company can provide you with information on the annuities they provide.

  • The annuity you purchase must be approved by the Board of Inland Revenue to benefit from the tax deduction.
  • The total of your pension contributions, National Insurance contribution and your approved annuity premiums must not exceed TT$12,000.00 in any given tax year. Any annuity premiums above this amount are not tax deductible.
  • Your annuity will mature when you are between 50 and 75 years old, depending on the terms of your annuity.
  • If you decide to withdraw your money before the maturity date, you will only receive a refund of your premiums. You will also be subject to a 25% tax on the amount you withdraw.
  • An employer may elect to purchase a corporate annuity on behalf of an employee. The employer alone contributes to this type of annuity.

back to top

Where can I find more information?

Please contact your financial institution or insurance company for information on annuities they offer.  You can also contact the Inland Revenue Division of the Ministry of Finance, or follow the links below for more information.

 

The Legal Section

Inland Revenue Division

Ministry of Finance

6th Floor Trinidad House

St. Vincent Street

Port of Spain

Trinidad, West Indies

Tel. (868) 623-1211-4

 

Approval/Surrender of Annuities

Inland Revenue Division

 

back to top

Diplomats

Diplomats are eligible to have all taxes and duties waived on all imported items, provided that the items leave the country when they do. Should the items remain, all duties and taxes from which they were initially exempt must be paid in full, except in cases where the items remain in the possession of the high commission or embassy. Please note that in addition to the processes and documents outlined above, it is also necessary for diplomats to produce to the Customs and Excise Division proof of their diplomatic status as evident in documents provided by the Ministry of Foreign and CARICOM Affairs (usually a letter received on arrival in the country or shortly thereafter).

back to top

Charitable organisations, sporting bodies, corporations and other customers

Tax and duty can be waived on goods imported for a charitable purpose, or for use in a not-for-profit enterprise. You must send a letter to the Comptroller of Customs that indicates the type of activity that your organisation is engaged in, that the efforts of the organisation are non-profit, and how the duty relief would benefit the wider public. In addition to this letter, the following documents must be submitted:

  • Copy of letter authorizing charitable organisation status (for charitable organisations). Please follow the link below for information on obtaining charitable organisation status.
  • Evidence of the value of the items (invoice, etc).
  • Letters from sponsors attesting to the charitable nature of the items.
  • Copy of approved licence to import. Please follow the link below for information on obtaining and import licence.

back to top

What fees do I need to pay?

There are no fees associated with this application process.

back to top

Where can I find more information?

For further information, please contact:

 

Customs and Excise Division
Custom House
Nicholas Court
Cor Abercromby Street and Independence Square
Port of Spain
Trinidad, West Indies
Tel. (868) 625-3311-9
Opening hours: 8:00 am to 4:00 pm, Monday to Friday, except public holidays.

back to top