Roberto Pocaterra Pocaterra Clark Google//
KPMG talks tax changes in new bulletin

Posted by By at 25 enero, at 12 : 45 PM Print

With the Finance Act, 2017 taking effect from January 1, 2018, tax and auditing firm KPMG offered perspectives on how the provisions outlined in the Act are likely to operate in practice.

In its Tax Bulletin released yesterday KPMG said, “it is hoped that our comments serve as a catalyst for you (the business community) to consider how these measures (the provision in the Finance Act) will affect you and your business operations.”

The bulletin highlights amendments made to seven pieces of legislation, including: Corporaton Tax, Income Tax, Motor Vehicles and Road Traffic Act and the Customs Act, The Private Hospitals Act, Treasury Bills Act and the Central Bank Act, The Miscellaneous Taxes Act, and Value Added Tax.

Referring to corporation tax, KPMG said effective January 1, 2018 companies will now pay a single rate of tax at 30 per cent.

Making reference to banks and financial institutions KPMG said: “There will be an increased burden in Corporation tax from 25 per cent and 30 per cent to a flat rate of 35 per cent.”

On the issue of VAT, the audit firm stated that the VAT Act was amended to zero rate the importation of certain vehicles.

“Sub-items 2, 3, 4 and 5 of item 8 and item 43 of the second schedule have been deleted and replaced or inserted as necessary with provisions which generally provide that electric vehicles, hybrid vehciles and motor vehicles manufactured to use CNG and which satisfy the various criteria mentioned for exemption from Motor Vehicle Tax and Customs duty will now be zero-rated.”

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© Roberto Pocaterra

© Roberto Pocaterra Pocaterra

Con información de: The trinidad Guardian

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