1. Tax benefits:
The tax benefits which the Minister may confer on an owner or operator when an approved tourism project results in the creation of a new tourism project or the expansion of an existing tourism project, shall be—
- tax exemption for up to seven (7) years in respect of gains or profits from the approved tourism projects;
- a tax exemption in respect of the gains or profits derived from the initial sale of a villa or condominium or the site for a villa or condominium that forms part of an integrated resort development which is an approved tourism project;
- accelerated depreciation on depreciable equipment owned by the owner or operator and used in an approved tourism project;
- a capital allowance in respect of approved capital expenditure incurred by the owner or operator in the creation of a new tourism project or in the expansion of an existing tourism project;
- carry-over from a tax exemption period, if any, of any loss arising out of the operation or renting of an approved tourism project;
- tax exemption in respect of any dividend paid to a non-resident shareholder if the recipient is not liable to tax in respect of that dividend in the country in which he is resident;
- exemption from Motor Vehicle Tax (MVT) for the importation of a vehicle for exclusive use in the transportation of guests/visitors; and
- 100% Income Tax deduction on approved capital expenditure incurred in conversion of a house into an approved guest house (Section 13B of the Income Tax Act, Chap. 75:01).
2. Customs and Excise Duty Concessions:
- duty free importation of building materials and articles of tourism equipment to be used exclusively in connection with the tourism project (Restricted to items not manufactured or readily available in Trinidad and Tobago.);
- a reduced rate of Customs Duty (10%) for the importation of a vehicle for exclusive use in the transportation of guests/visitors.