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Category Centre - Petroleum Companies

 

FOR PETROLEUM COMPANIES

 

FORM 200 PPT - PETROLEUM PROFITS TAX RETURN 2007

 

FORM 200 SPT - SUPPLEMENTAL PETROLEUM TAX RETURN 2008

 

List of Taxes Payable:

• Supplemental Petroleum Tax (SPT)

A Tax charged on Gross Income derived from the disposal of crude oil. Various allowances are granted before calculating the tax base. The tax rates range from 0 % for crude oil prices under US$13.00 per barrel to as high as 45% for crude oil prices over US$49.50 per barrel.

• Petroleum Profits Tax (PPT)

A tax charged at a rate of 50% on all profits or gains or amounts deemed to be profits or gains of any person accruing in or derived from T&T or elsewhere and whether received in T&T or not in respect of production and / or refining business.

• Unemployment Levy (UL)

A tax charged at the rate of 5% on the taxable profits of petroleum companies. The taxable profits shall be increased by the amount of any previous year loss that was allowed to be set off (in accordance with Section 16 of the Income Tax Act) in computing the taxable profits.

 

N.B. – Taxable Profits means gross income less deductible expenses and allowances.

• Green Fund Levy (GFL)

A tax of 0.1% on the gross sales or receipts

• Withholding Tax

A tax computed on distributions made/ payments arising in Trinidad & Tobago and payable to any non-resident person or to any person on behalf of such non-resident company where such person or company is not engaged in Trade or Business in T&T.

• Supplemental Petroleum Tax  Rates

PARTICULARS	LICENCE BEFORE 1/1/88	LICENCE AFTER 1/1/88
Marine Operations	0% to 45%	0% to 36%
Land Operations	0% to 38%	0% to 21%

 

• Other Taxes

NAME OF TAX	TAX RATES
Petroleum Profits Tax	50% of Chargeable Profits
Unemployment Levy	5% of Chargeable Profits
Green Fund Levy	0.1% of Gross Income/Receipts

 

• WITHHOLDING TAXES

The rates for withholding taxes are as follows:

• On any Distribution made – 10% but where such distribution is made to a parent company the rate shall be – 5%

• On any payment to a person other than a company - 15%

• On any payment made to a company – 15% but where there is a double taxation agreement in force or where an order is made under section 96 of the Income Tax Act, the withholding tax shall be such lesser rate as may be therein provided.

N.B - These new withholding tax rates are effective 1/1/08.

        The taxes applicable to an employer shall also relate to all employers in the Petroleum Industry.