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A value-added tax (VAT or goods and services tax (GST), general consumption tax (GCT)) is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared with, a sales tax .
Trinidad and Tobago, [a] officially the Republic of Trinidad and Tobago, is the southernmost island country in the Caribbean.Comprising the main islands of Trinidad and Tobago, along with numerous smaller islands, it is located 11 kilometres (6 nautical miles) northeast off the coast of Venezuela, 130 kilometres (70 nautical miles) south of Grenada, and west of Barbados.
Reverse charge may refer to: Reverse charge call, also known as a collect call; Reverse charging, resulting from a mistake in use or charging of rechargeable batteries; The accrual of VAT by the buyer of goods or services; A trick in pen spinning, in which the pen spins counter-clockwise between two fingers, as opposed to charge, in which pen ...
Map of Trinidad and Tobago. List of cities, towns, settlements, and villages in Trinidad and Tobago: Largest ...
In 2012, the government of Trinidad and Tobago approved the introduction of postal codes starting later that same year. In addition to the postal code implementation the country has embarked on a nationwide address improvement initiative adopting the Universal Postal Union (UPU) S-42 international standard of addressing.
For a VAT and sales tax of identical rates, the total tax paid is the same, but it is paid at differing points in the process. VAT is usually administrated by requiring the company to complete a VAT return, giving details of VAT it has been charged (referred to as input tax) and VAT it has charged to others (referred to as output tax).
It is administered and collected by HM Revenue and Customs, primarily through the Value Added Tax Act 1994. VAT is levied on most goods and services provided by registered businesses in the UK and some goods and services imported from outside the UK. [2] The default VAT rate is the standard rate, 20% since 4 January 2011.
Trinidad and Tobago has been involved in the petroleum sector for over one hundred years. There has been considerable oil and gas production on land and in shallow water, with cumulative production totaling over three billion barrels of oil. Trinidad and Tobago is the largest oil and natural gas producer in the Caribbean.