Trinidad and Tobago VAT Calculator

Value Added Tax in Trinidad and Tobago is a 15% tax added to goods and services. If a store or company is registered to charge VAT, their Certificate of Registration needs to be prominently displayed at their place of business. A standard rate of 15% applies to all consumables. A 0% rate applies to exports, basic foodstuffs and other qualifying products and services.

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Value Added Tax in Trinidad and Tobago is a 15% tax added to goods and services. If a store or company is registered to charge VAT, their Certificate of Registration needs to be prominently displayed at their place of business. A standard rate of 15% applies to all consumables. A 0% rate applies to exports, basic foodstuffs and other qualifying products and services.

Formula:

Add Tax Tax Amount = ( Original Cost * VAT% ) / 100 Net Price = Original Cost + Tax Amount
Remove Tax Tax Amount = Original Cost - ( Original Cost * ( 100 / ( 100 + VAT% ) ) ) Net Price = Original Cost - Tax Amount

Value added tax returns usually are filed every two months, and payment is due and payable within 25 days after the end of the tax period to which the payment relates.

Example

Find the VAT price and net price in Trinidad and Tobago (GST % is 15) for an amount of 25000

Add Tax

Solution :
GST % = 15
Amount = 25000

Step 1 :
GST Price = (25000 * 15 ) / 100
     = 3750

Step 2 :
Net Price = 25000 + 3750
     = 28750

Hence the VAT Price is 3750 and Net Price is 28750

Remove Tax

Solution :
GST % = 15
Amount = 25000

Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 15)))
                 = 25000 - (25000 * 0.87)
                 = 25000 - 21739.13
                 = 25000 - 21739.13
GST Price = 3260.87

Step 2 :
Net Price = 25000 - 3260.87
                = 21739.13

Hence the VAT Price is 3260.87 and Net Price is 21739.13

Value added tax returns usually are filed every two months, and payment is due and payable within 25 days after the end of the tax period to which the payment relates.


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