BIR stands for Board of Inland Revenue and it is the tax authority in Trinidad and Tobago. All companies are legally obligated to register for a BIR file number to be used in payment of taxes and filing of returns.
Note: This number must be quoted on all correspondence to the Board of Inland Revenue.
The fiscal year or financial year for a company is determined by the company itself. Most companies use either the end of the calendar year (December 31) or the end of a quarter (March 31, June 30, or September 30) as their fiscal year end date
Taxes are payable quarterly during each year on the following dates, 31 March, 30 June, 30 September, and 31 December.
It is important for a company to file its annual return to provide an accurate reflection of its state of affairs i.e. officers, shareholdings and any indebtedness. This is required to be filed with the Companies Registrar. The Annual Return should be filed whether or not a company is trading.
VAT stands for Value Added Tax and it is a tax that is applied to both goods and services in Trinidad and Tobago. VAT-registered businesses must collect VAT from customers, submit VAT returns and pay any VAT that they owe to the Inland Revenue Division of the Ministry of Finance. Businesses that sell goods or services worth TT$500,000.00 or more in a twelve-month period must register for VAT. Individuals and businesses must also register if they forecast sales of TT$500,000.00 or more in a twelve-month period.