Find Accountancy, Audit and Tax expertise in Trinidad and Tobago
Along with a strong presence from all of the ‘Big Four’, there are numerous small and medium-sized accountancy firms. PricewaterhouseCoopers (PWC) is the largest accountancy and audit operation in the country, with around 300 staff. The Institute of Chartered Accountants of Trinidad and Tobago (ICATT) sets the standards for the industry and has adopted the International Financial Reporting Standards (IFRS). The World Economic Forum Global Competitiveness Report gives Trinidad and Tobago a score of 4.3 out of 7, just below the world mean of 4.6, for strength of auditing and reporting standards (2012-2013). The World Bank Ease of Doing Business Index ranks the country 133rd out of 186 with regards to resolving insolvency, above the Dominican Republic which is in 154th place (2011).
The Institute of Chartered Accountants of Trinidad and Tobago is the main professional body and a member of the Institute of Chartered Accountants of the Caribbean. The Association of Chartered Certified Accountants (ACCA) has a joint examination scheme agreement with the Institute of Chartered Accountants of Trinidad and Tobago.
Corporate tax rates, branch tax and short-term capital gains tax are 35%. A value added tax (VAT) of 15% is applicable to a wide range of goods and services. Income tax is charged progressively at 5%–35%. In terms of total tax rates, Trinidad and Tobago ranks 33rd out of 141 countries according to the World Economic Forum Global Competitiveness Report (2012-2013). The World Bank Ease of Doing Business Index (2011) ranks Trinidad and Tobago 65th out of 183 countries in relation to paying taxes, compared to Dominica in 73rd place.