Income Tax Exemption
I. Commercial Buildings and Multi-Storey Car Parks
To incentivize the private sector, income tax concessions for the construction of multi-storey car parks and
commercial buildings are provided under section 45D (1) (a) and (b) of the Income Tax Act, Chapter 75:01 (as
amended).
- Section 45D (1) (a) of the Income Tax Act, Chapter 75:01 grants an exemption from income tax until December
31st, 2025 with respect to premiums and rents derived from the letting of a
newly-constructed commercial building or multi-storey car park, the construction of which commenced on or
after October 1st, 2012.
- Section 45D (1) (b) of the Income Tax Act, Chapter 75:01 grants an exemption from income tax until December
31st, 2025 with respect to gains or profits from the initial sale of a newly-constructed
commercial building or multi-storey car park, the construction of which commenced on or after October 1st,
2012.
Applicants must meet the eligibility criteria as stipulated in the Act, as follows:-
- The construction of the commercial building or multi-storey car park must commence on or after October
1st, 2012;
- The letting or initial sale of the completed commercial building or multi-storey car park must commence on
or after October 1st, 2012; and
- The commercial building or multi-storey car park must satisfy the requirements for development planning
standards.
NOTE: A commercial building is a building designed wholly for commercial use and does not have any adjoining
residential usage.
For more information and to access the application form, visit: https://tradeind.gov.tt/documents-resources/income-tax-exemption-form-commercial/