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Tax Breaks for Purchases of Solar Panels And Related Equipment In Trinidad

Renewables

Import Duty Exemptions

Import Duty Exemptions are granted for “machinery, equipment materials and parts for the manufacture or assembly of Solar Water Heaters”.

 

 

Zero-Rated Vat

Zero-Rated Vat granted for complete Solar Water Heaters, solar PV systems and wind turbines.

 

 

Tax Credit for Solar Water Heaters

Where an individual, in a year of income commencing 1st January, 2011, purchases solar water heating equipment for household use, that individual shall be entitled to a tax credit of 25% of the cost of the solar water heating equipment, up to a maximum of TT $10,000 (maximum tax credit of TT $2,500).

 

 

150% Wear and Tear Allowance

A 150% wear and tear allowance of the expenditure incurred on:

1.   The acquisition of plant, machinery, parts, and materials for use in the manufacture of Solar Water

     Heaters

2.   The acquisition of: wind turbines and supporting equipment; solar photovoltaic systems and supporting           equipment; or Solar Water Heaters.

 

 

Customs and Excise Duty Exemptions

According to the Act, several items “will be allowed for importation free of customs and excise duties as long as they are not manufactured in the desired quantities and quality in Trinidad and Tobago.” The list of items includes “environmentally-friendly and/or energy-saving devices such as solar panels, heating equipment.

 

 

Source: http://www.looptt.com/content/20-investment-incentives-local-businesses



Category/ies:Renewable Energy, Trinidad and Tobago - Policies, Plans, and Legislations.
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