Taxation is designed to provide students with a basic understanding of Trinidad and Tobago's Income Tax system, with focus on fundamental taxation concepts and the main aspects of legislation with tax rules.

The purpose of this course is to ensure that participants will understand the basics of Income Tax and tax preparation procedures/ rules. Upon successful completion of this course, students will have demonstrated the ability to:

• Discuss the history, objectives and structure of the Income Tax, and of the Board of Inland Revenue.
• Identify, classify and compute income from employment, business and property.
• Calculate net income, taxable income and income tax liability for individuals and business.
• Calculate non-complex capital gains and losses.
• Prepare Basic Corporation Tax Returns in compliance with current regulation.
• Prepare Income Tax Returns in compliance with current legislation.

Module 1:
Introduction to Inland Revenue

Income Tax

• Update on allowances and deductibles
• To file or not to file a tax return?
• Employer and employee responsibilities
• Preparation on Income Tax Return

Corporation Tax

• Tax allowances - applicable to year 2004 and continuing

Module 2:
Corporation Tax (continued)

• Preparation of basic corporation tax return
• Payment dates / Quarterly Installments
• Interest and penalities

Module 3:
Value Added Tax (VAT)

• Main aspects of the legislation
• The VAT return
• Accounting records to be maintained
• PAYE, Witholding Tax, Business Levy, Green Fund Levy