Investment Incentives for the Tourism Sector
The Tourism Development Act, Chapter 87:22 (TDA) was introduced to support the development of tourism in Trinidad and Tobago. The Act provides for Tourism Development Incentives to be granted to owners/operators of various types of tourism projects, once these projects have the potential to contribute substantially to the development, growth and expansion of the industry.
I. Tax Benefits under TDA
The tax benefits which the Minister may confer on an owner or operator when an approved tourism project results in the creation of a new tourism project or the expansion of an existing tourism project, shall be—
- Tax exemption not exceeding seven (7) years on gains or profits from the approved project;
- Tax exemption on profits from the initial sale of villas, condominiums and sites thereof within an Integrated Resort Development;
- An accelerated depreciation of depreciable equipment owned by the owner or operator and used in an approved product;
- A capital allowance in respect of approved capital expenditure incurred by the owner or operator in the creation of a new tourism project or expansion of an existing tourism project;
- A carry-over of losses from a tax exemption period arising out of the operation or renting of an approved tourism project;
- Tax exemption on the dividend received by a non-resident shareholder if the recipient is not liable to tax on the dividend in his country of residence;
- Owner or operator of a vehicle imported for use in an approved tourism project shall be exempt from motor vehicles tax.
- 100% Income Tax deduction on approved capital expenditure incurred in conversion of a house into an approved guest house (Section 13B of the Income Tax Act, Chap. 75:01)
II. Customs and Excise Duty Exemptions
Where a person has been granted interim approval or additional interim approval for a tourism project, the Minister of Tourism may, upon application, grant that person a permit:
- for the importation of materials into Trinidad and Tobago free of customs duty;
- for a drawback of customs duties or excise duties, of such building materials which are not already duty free and of such articles of tourism equipment; and
- to import vehicles with the payment of customs duty at a reduced rate of 10%.
Application Procedure
Applications are available and processed by Tourism Trinidad Limited (TTL) in Trinidad and the Tobago House of Assembly (THA) in Tobago. Officers from Tourism Trinidad Limited (TTL) are also available to meet with potential investors to discuss their tourism projects and the combination of benefits that may be considered for their respective projects.
III. Tourism Accommodation Upgrade Project (TAUP)
The Tourism Accommodation Upgrade Project (TAUP) is an incentive in the form of a partial reimbursement of the cost of upgrade works undertaken to eligible tourist accommodation. The aim is to achieve a first class level to meet and/or exceed the Trinidad and Tobago Standard Requirements for Tourist Accommodation.
Eligible properties containing:
- 6-150 guestrooms, will receive a 50% reimbursement of expenditure of cost of work per room up to a maximum reimbursement of $25,000 per room in Trinidad and $30,000 per room in Tobago up to a limit of $1,500,000 for improvements/upgrade works to the interior or exterior of the property.
- 1-5 guestrooms, will receive a 40% reimbursement of expenditure of cost of work per room up to a maximum reimbursement of $25,000 per room in Trinidad and $30,000 per room in Tobago up to a limit of $150,000 for improvements/upgrade works to the interior or exterior of the property.
Applicants must contact Tourism Trinidad Limited or Tobago Tourism Agency Limited to obtain an Application Package.
For more information on the Tourism Accommodation Upgrade Project visit: https://www.visittobago.gov.tt/corporate/trade-resources/taup
IV. Co-Financing for the Tourism Sector
Companies can be reimbursed up to 50% of the total eligible costs incurred in accessing new export markets or expanding within existing markets. A company shall receive financial support on pre-approved investments, purchases, costs or expenses. Co-financing is only available for export-oriented products and services. The grant is based on the size of the company:
- Small Companies- Generating less than or equal to TT$8 million in annual turnover 50% to a limit of $60,000.00. Funded portion will be paid directly to suppliers for small companies only.
- Medium Companies- Generating between TT$8 million andTT$15 million in annual turnover 50% to a limit of $55,000. Reimbursable.
- Large Companies- Generating over TT$15 million in annual turnover 50% to a limit of $50,000. Reimbursable.
For more details visit: https://exportt.co.tt/co-financing/
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Tourism Development Act, 2000 (No. 9 of 2000).
This Act empowers the Minister to grant incentives in the form of tax benefits to initiatives aiming at development of the tourism industry in Trinidad and Tobago. The Act also sets out the requirements a tourism project must meet in order to benefit from access benefits and to obtain approval of the project, including registration with the authority to whom the responsibility for tourism has been assigned. Incentives are granted for, among other things, ecological and environmental maintenance, eco-tourism, sea ports, land clearing and cleaning, sports fishing projects and restoration of heritage sites.
Delete record "Tourism Development Act, 2000 (No. 9 of 2000)."
Tourism Development Act, 2000 (Cap. 87:22).
- TTO-2000-L-57395
Title_of_text
Tourism development act, 2000 (no. 9 of 2000)., main region, first region, second region, serial region.
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LAWS OF TRINIDAD AND TOBAGO Act 9 of 2000 Amended by 50 of 2000 2 of 2005 20 of 2005 2 of 2006 16 of 2006 Current Authorised Pages Pages Authorised (inclusive) by L.R.O. 1-65 .. TOURISM DEVELOPMENT ACT CHAPTER 87:22 MINISTRY OF THE ATTORNEY GENERAL AND LEGAL AFFAIRS www.legalaffairs.gov.tt UNOFFICIAL VERSION UPDATED TO 31ST DECEMBER 2016.
AN ACT to facilitate the development of the Tourism Industry by providing to investors incentives and concessions and to make provision for matters incidental thereto. [Assented to 1st June, 2000] WHEREAS it is desired to develop the tourism industry in keeping with national tourism objectives: BE IT ENACTED by the Parliament of Trinidad and Tobago
Tourism Development Act Chapter 87:22. Download . National Tourism Policy Trinidad & Tobago (NTP) A travel and tourism sector which is a significant contributor to the social and economic resilience, growth and development of Trinidad and Tobago. It would reflect the innovation, creativity, entrepreneurial spirit, cultural richness ...
Tourism Trinidad Limited Level 18, Tower D International Waterfront Centre 1A Wrightson Road Office: (868) 612-7412 [email protected]. Connect. Site Map. Procurement; About Us; Business and Investment; ... Tourism Development Act. Published: Jul 2, 2023.
The Tourism Development Act, Chapter 87:22 (TDA) was introduced to support the development of tourism in Trinidad and Tobago. The Act provides for Tourism Development Incentives to be granted to owners/operators of various types of tourism projects, once these projects have the potential to contribute substantially to the development, growth and expansion of the industry.
The Tourism Development Act, 2000. View or Download Act. Act No: Act No 9 of 2000. Related Bill: The Tourism Development (No.2) Bill, 1999. Date of Assent: 2000-06-01. ... Republic of Trinidad and Tobago. Tel: (868) 624-7275 Fax: (868) 625-4672 [email protected]. Stay Connected.
The National Tourism Policy (2021-2030) is a revised version of National Tourism Policy of 2010, and aligned with the National Development Strategy - Vision 2030 and the United Nations Sustainable Development Agenda. ... inspire greater confidence among prospective investors and entrepreneurs; (III) act as a platform for policy coherence across ...
An Act to facilitate the development of the Tourism Industry by providing to investors incentives and concessions and to make provision for matters incidental thereto. ... Tourism Trinidad Limited Level 18, Tower D International Waterfront Centre 1A Wrightson Road Office: (868) 612-7412 [email protected]. Connect. Site Map.
Tourism Development Act, 2000, comes into operation. Given under my Hand and the Seal of the President of the Republic of Trinidad and Tobago, at the Office of the President, St. Ann's, this 12th day of October, 2000. Legal Supplement Part B—Vol. 39, No. 198—12th October, 2000 753 No. 11 of 2000. [L.S.] GANACE RAMDIAL Acting President
Tourism Development (Prescribed Forms) Regulations (Cap. 87:22). Tourism Development (Amendment) Act, 2006 (No. 16 of 2006). This Act creates a legal framework for the development of the tourist industry of Trinidad and Tobago and makes provision for matters related to tourism such as protection of the environment.
The Ministry of Tourism, Culture and the Arts (MTCA) advises the public, that, in accordance with Section 26 of the Public Procurement and disposal of Public Property Act (2015) effective Wednesday, 26th April 2023 any party seeking to provide goods, works and services to the MTCA must be registered with the Procurement Depository of Trinidad ...
Abstract. This Act empowers the Minister to grant incentives in the form of tax benefits to initiatives aiming at development of the tourism industry in Trinidad and Tobago. The Act also sets out the requirements a tourism project must meet in order to benefit from access benefits and to obtain approval of the project, including registration ...
The Ministry of Tourism, Culture and the Arts (MTCA) is responsible for transforming Trinidad and Tobago into a premier tourist destination, as well as the development of Trinidad and Tobago's many cultural and artistic forms, through policy and strategic interventions, research, monitoring and evaluating trends, partnering with industry stakeholders, and raising awareness, among other ...
The Tourism Development Act, 2000 (TDA) was introduced to support the development of the tourism industry in Trinidad and Tobago. The Act provides for benefits to be granted to the owners/operators of various types of tourism projects, once these projects have the potential of contributing significantly to the growth and expansion of the industry.
This Act empowers the Minister to grant incentives in the form of tax benefits to initiatives aiming at development of the tourism industry in Trinidad and Tobago. The Act also sets out the requirements a tourism project must meet in order to benefit from access benefits and to obtain approval of the project, including registration with the authority to whom the responsibility for tourism has ...
This Act creates a legal framework for the development of the tourist industry of Trinidad and Tobago and makes provision for matters related to tourism such as protection of the environment. The application for the approval of a tourism project shall include a statement on environmental effects.
Trinidad and Tobago. >. Tourism Development Act, 2000 (No. 9 of 2000). Aims to facilitate the development of the tourism industry. Makes provision for development incentives, approved tourist projects, customs and excise duty exemptions, tax benefits, and some related matters.
The Tourism Development Act, 2000 (TDA) was introduced to support the development of the tourism industry in Trinidad and Tobago. The Act provides for benefits to be granted to the owners/operators of various types of tourism projects, once these projects have the potential of contributing significantly to the growth and expansion of the ...
LAWS OF TRINIDAD AND TOBAGO Act 9 of 2000 Amended by 50 of 2000 2 of 2005 20 of 2005 2 of 2006 16 of 2006 Current Authorised Pages Pages Authorised (inclusive) by L.R.O. 1-65 .. 1/2009 TOURISM DEVELOPMENT ACT CHAPTER 87:22 MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt UPDATED TO DECEMBER 31ST 2007
The Tourism Development Act, Chapter 87:22 (TDA) was introduced to support the development of tourism in Trinidad and Tobago. The Act provides for benefits to be granted to the owners/operators of various types of tourism projects, once these projects have the potential to contribute substantially to the growth and expansion of the industry.
Section 4 (1)of the Tourism and Industrial Development Company of Trinidad and(h) Tobago Limited Vesting Act, Ch. 87:21 ("TIDCO Act") stipulates that any contract made before 1st May, 1995 (the appointed day of the TIDCO Act) to which section 4(1) (a)of the TIDCO Act applies and which contract was an approved plan, fund or scheme under the ...
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National Tourism Policy Trinidad & Tobago. Public Statements for Tourism Trinidad as at December 2021. Contact. Tourism Trinidad Limited Level 18, Tower D International Waterfront Centre 1A Wrightson Road Office: (868) 612-7412 [email protected]. Connect. Site Map. Procurement; About Us;