Trinidad and Tobago | Commentary

4.3 Company cars

Trinidad and Tobago | Commentary

4.3     Company cars

Where an employee has private use of an employer-provided vehicle, a taxable benefit arises to the employee. The value of a company car benefit for taxation purposes is calculated according to rules laid down in the Income Tax Act 1938 Chap 75:01, s 134(8)–(10).

The value of the benefit associated with the provision of a motor vehicle, and associated relevant equipment, that would be chargeable to Income Tax is either:

  1.  

    •     50% of the wear and tear allowance, or

  2.  

    •     the monthly rental value

The class B wear and tear table found within the Income Tax

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