Agriculture Sector

Investment Incentives for the Agriculture Sector

I. VAT Exemption on the importation and acquisition of equipment for the Commercial Fishing Sector

A person importing/acquiring any fishing boat, marine engine, fishing net, line or other capital equipment solely for the purposes of carrying on the business of commercial fishing may apply to the Minister to whom responsibility for marine exploitation is assigned for the VAT exemption.

Governing Legislation:  Section 45 (1) of VAT Act Chapter 75:06

Responsible Agency/Contact Person

Ministry of Agriculture, Land and Fisheries
Corner Narsaloo Ramaya Marg Road and Soogrim Street, Chaguanas

Tel: 220-6253
Web: www.agriculture.gov.tt

 

II. Vat Exemption on New and Used Selected Vehicles

  • Light Goods vehicle under 2950 MGW (Light goods vehicles refers to panel vans and pickups for agricultural purposes); and

  • Trucks (2950 -5000 kg MGW)

Registered farmers can access VAT exemptions up to TT$5,000.00 (Green card holders and buff colour card holders as recognised occupiers by Ministry of Agriculture Land and Fisheries State Lands).

Responsible Agency/Contact Person

Ministry of Agriculture, Land and Fisheries
Corner Narsaloo Ramaya Marg Road and Soogrim Street, Chaguanas

Tel: 220-6253
Web: www.agriculture.gov.tt

 

III. Duty Free Concessions on Agricultural Equipment and Machinery

Duty free concessions may be accessed by members of the public engaging in legitimate agricultural activities or providing support to same, once certain requirements are met. Once approved by the Ministry of Agriculture, Land and Fisheries, eligible persons/entities will receive exemptions on import/customs duties for imported machinery and equipment to be used in their agricultural operations.

For more details, including the application process, visit: E-Import Duty Concessions

Responsible Agency/Contact Person

Ministry of Agriculture, Land and Fisheries
Corner Narsaloo Ramaya Marg Road and Soogrim Street, Chaguanas

Dr. Simone Titus, Chief Technical Officer (Ag.)
Tel: 220-6253 ext.4203
Web: www.agriculture.gov.tt


IV. Agricultural Finance Support Programme (Agro-Incentive Grant)

This programme assists persons registered with the Ministry of Agriculture, Land and Fisheries as a farmer, fisherman, licensed woodcutter, licensed saw miller or individuals who can demonstrate that they are currently involved in agriculture, in attainting new techniques, equipment and technology. Successful applicants can access a grant/incentive valued up to TT$100,000.00. Grants would not be available for the purchase of vehicles and other non-essentials such as consultancy fees and regional and international travel.

For more details, including the application process, visit: https://agriculture.gov.tt/aip/agro/agroform.pdf

Responsible Agency/Contact Person

Ministry of Agriculture, Land and Fisheries
Corner Narsaloo Ramaya Marg Road and Soogrim Street, Chaguanas

Tel: 220-6253
Web: www.agriculture.gov.tt

V. The Agricultural Incentive Programme (AIP)

The Agricultural Incentive Programme is a tangible fiscal and non-fiscal package of rebates and exemption on goods and services offered solely to licensed farmers. Benefits of the Incentive Programme include a rebate on a percentage of total cost up to the maximum dollar value indicated in the following tables:

Vehicles Rebate
New wheel tractor 20% of cost up to a maximum of $50,000
Used/refurbished wheel tractor 20% of cost up to a maximum of $25,000
New 4wd pickup/light goods vehicle or panel van 20% of cost up to a maximum of $40,000
Used 4wd pickup/light goods vehicle or panel van 20% of cost up to a maximum of $30,000
New 2wd pickup/light goods vehicle or panel van 20% of cost up to a maximum of $25,000
Used 2wd pickup/light goods vehicle or panel van 20% of cost up to a maximum of $20,000
New Truck (max 5 tonnes) 20% of cost up to a maximum of $60,000
Used Truck (max 5 tonnes) 20% of cost up to a maximum of $40,000
Combined Harvester 20% of cost up to a maximum of $200,000
All-Terrain Vehicle 25% of cost up to a maximum of $10,000
Insulation of pickup/light goods vehicle 25% of cost up to a maximum of $6,000
Insulation and  refrigeration of light goods vehicle 25% of cost up to a maximum of $20,000
Insulation and refrigeration of trucks 25% of cost up to a maximum of $30,000

Water for Agriculture Rebate
Cost to build pond 75% of cost up to a maximum of $24,000
Cost of establishing ponds, wells and dams 25% of cost up to a maximum of $30,000
Water pump 1.5 h.p and over 50% of cost up to a maximum of $20,000
Cost of irrigation equipment/watering systems 50% of cost up to a maximum of $40,000

Land Preparation Rebate
Ploughing/ Rotovating/Banking per ha. 25% of cost up to a maximum of $500
Cost of clearing new lands per ha. 25% of cost up to a maximum of $2,000

Machinery and Equipment Rebate
Trailers 50% of cost up to a maximum of $4,000
All machinery and equipment 50% of cost up to a maximum of $50,000

Soil Amelioration Rebate
Agriculture Limestone per ha. 50% of cost up to a maximum of $1,500

Soil Conservation (establishment) Rebate
Contour drains per 30m 100% of cost up to a maximum of $150
Storm drains per 30m 100% of cost up to a maximum of $175
Contour banking and Contour ridging per ha. 100% of cost up to a maximum of $1,000
Contour barriers per 30m 100% of cost up to a maximum of $75
Terrace outlets per 30m 100% of cost up to a maximum of $120
Check dams 50% of cost up to a maximum of $200

Crops Rebate
Citrus establishment per ha. 100% of cost up to a maximum of $6,000
Citrus rehabilitation per ha. 100% of cost up to a maximum of $4,000
Cocoa/coffee establishment per ha. 100% of cost up to a maximum of $6,000
Cocoa/ coffee rehabilitation per ha. 100% of cost up to a maximum of $4,000
Cocoa fermentaries establishment 10% of cost up to a maximum of $10,000
Coconut establishment per ha. 100% of cost up to a maximum of $6,000
Coconut rehabilitation per ha. 100% of cost up to a maximum of $4,000

Protected Agriculture Systems Rebate
Fully enclosed shade houses per sq. m. 50% of cost up to a maximum of $250
Partially-enclosed shade houses per sq. m. 50% of cost up to a maximum of $100

Security (Praedial Larceny) Rebate
Security System 50% of cost up to a maximum of $30,000
Fencing Farmland and pastures 50% of cost up to a maximum of $25,000

Waste Management Rebate
Cost of establishment of bio-digesters 100% of cost up to a maximum of $10,000

Integrated Pest Management Rebate
Environmentally friendly chemicals 50% of cost up to a maximum of $3,000
Approved materials including bio-agents 50% of cost up to a maximum of $3,000

Post-Harvest and Marketing Rebate
Post-harvest facilities establishment 40% of cost up to a maximum of $10,000
Packaging Material 50% of cost up to a maximum of $4,000
Post-harvest equipment 50% of cost up to a maximum of $30,000
New Chill facility 30% of cost up to a maximum of $30,000
Upgrade HACCP facilities 40% of cost up to a maximum of $40,000

Livestock Rebate
Cattle/Buffalo  
  1. Pastures/Fodder bans establishment
  2. Housing, infrastructure and waste disposal
  3. Milking system and or bulk tank cooler
  1. 50% of cost up to a maximum of $6,000
  2. 50% of cost up to a maximum of $30,000
  3. 50% of cost up to a maximum of $50,000
Goat and Sheep  
  1. Pastures/Fodder banks establishment
  2. Housing, infrastructure and waste disposal
  3. Import semen and embryos per year
  4. Imported breeding stock per animal
  1. 50% of cost up to a maximum of $6,000
  2. 50% of cost up to a maximum of $30,000
  3. 50% of cost up to a maximum of $20,000
  4. 100% of cost up to a maximum of $2,500
Pigs  
  1. Housing, infrastructure and waste disposal
  2. Imported stock per animal
  1. 50% of cost up to a maximum of $30,000
  2. 100% of cost up to a maximum of $2,500
Poultry  
  1. Housing and infrastructure
  1. 30% of cost up to a maximum of $75,000
Rabbits  
  1. Rabbitries establishment and construction
  2. Slaughtering facilities establishment and operation
  1. 50% of cost up to a maximum of $15,000
  2. 50% of cost up to a maximum of $24,000

Agro Processing Rebate
Agro Processing facilities refurbishment 50% of cost up to a maximum of $20,000
Agro Processing facilities establishment 50% of cost up to a maximum of $50,000
Packaging material cost per year 50% of cost up to a maximum of $15,000
HACCP upgrade 40% of cost up to a maximum of $40,000

New Farmers (Youth in Agriculture) Rebate
Startup costs 50% of cost up to a maximum of $30,000

Marine Fisheries Rebate
Gasoline 12 c/litre
Diesel 10 c/litre
Engine oil 75 c/litre
Replacement of Pirogues 25% of cost up to a maximum of $5,000
Used multipurpose vessel 10% of cost up to a maximum of $50,000
New multipurpose vessel 20% of cost up to a maximum of $100,000
Upgrade commercial vessel (HACCP) 25% of cost up to a maximum of $10,000
Approved packaging material (per year) 50% of cost up to a maximum of $15,000
Approved post-harvest equipment 50% of cost up to a maximum of $30,000

Aquaculture Rebate
New Ponds 25% of cost up to a maximum of $25,000
Alternative culture system construction 25% of cost up to a maximum of $25,000
Ponds rehabilitation 100% of cost up to a maximum of $7,000
Water pumps, hoses and accessories 50% of cost up to a maximum of $20,000
Aeration equipment 50% of cost up to a maximum of $10,000
PVC pipes, valves, fittings and accessories 25% of cost up to a maximum of $10,000
Harvesting gear and equipment etc. 25% of cost up to a maximum of $10,000
New wells, dams reservoirs pond etc. construction 25% of cost up to a maximum of $25,000
Wells and dams etc. refurbishment 15% of cost up to a maximum of $15,000

Guaranteed Prices Cost per kilogram (kg)
Cocoa $19 per Kg
Coffee $12 per Kg
Rice:  
  1. Grade I
  2. Grade II
  3. Grade III
  4. Rice Seed
  1. $2.99 per Kg
  2. $2.86 per Kg
  3. $2.09 per Kg
  4. $2.99 per Kg
Milk $1.50 per Kg

NB: Bills / receipts are valid for one (1) year; and
Labour is not covered under the Agricultural Incentive Programme.

For more information, visit: https://agriculture.gov.tt/divisions-units/divisions/regional-administration-north/agricultural-incentives/

Disclaimer:

  • It is recommended that all farmers contact their respective County Offices to find out the specific eligible criteria for each incentive prior to the purchase of items or execution of works for incentives.
  • Farmers are responsible for ensuring that the specific eligible criteria for each incentive are met at application, inclusive of valid documents and agricultural production.
  • Submission of an application for incentives does not automatically entitle the Applicant to the benefits of the Agricultural Incentive Programme. Successful qualification is conditional upon verification of title, field inspection, meeting specific eligibility criteria for each incentive and compliance of Lease covenants with final approval being determined / granted by the Ministry of Agriculture, Land and Fisheries.

VI. Grant Fund Facility (GFF)

Provides financing to SMEs involved in inter alia the agriculture/ agro-processing sector, for the acquisition of new capital requirements/expenditure. Through this facility, local businesses can access individual Grants, up to a maximum of TT$250,000 per beneficiary, to finance 50% of the cost of the acquisition. (The Grant does not cover working capital, land and building costs, and installation costs).

Financing is available to companies involved in the following agricultural/agro-processing sub-sectors:

  • Cocoa, vegetable and fruit, meat/fish and coffee processing; dehydration;
  • Agricultural equipment and chemical manufacturing;
  • Sugar and confectionery; chocolate; diary and sauces;
  • Beverages (tea, non-alcoholic beverages, fruit juices and alcoholic beverages); and
  • Oil extraction.

For more details, including all eligible sectors and the application process, visit: https://tradeind.gov.tt/grant-fund-facility/

Responsible Agency/Contact Person

Ministry of Trade and Industry
Level 15, Nicholas Towers 63-65 Independence Square, Port of Spain

Mr. Videsh Maharaj, Director Investment
Miss Reshana Singh, Economist II
Tel: (868) 623-2931/4 ext. 2220/2230
Email: videsh.maharaj@gov.tt / reshana.singh@gov.tt
Web: www.tradeind.gov.tt


VII. Research and Development Facility (RDF)

Through its funding, the RDF endorses support for the successful marketplace entry of innovative and technology driven business ideas in, inter alia agriculture and agro-processing.

Eligible companies can access funding in three (3) phases:

  • Phase 1: Feasibility- 70% of the total cost of the project up to TT$100,000.00;
  • Phase 2: Product and service development- 50% of the total cost of the project, up to TT$750,000.00;
  • Phase 3: Product/Service Commercialization- up to TT$150,000.00

Special Conditions apply.

For more details, visit: https://exportt.co.tt/research-development-facility/

Responsible Agency/Contact Person

exporTT Head Office
151 B Charlotte Street, Port of Spain

Mr. Crisen Maharaj, Manager Capacity Building and Programme Financing
Tel: (868) 612-3988 ext. 7930
Mobile: (868) 796-4276
Email: cmaharaj@exportt.co.tt
Web: www.exportt.co.tt


VIII. New Reality Loan

This loan offers up to 80% financing for any viable agricultural project with an interest rate ranging from 3-5%.

Individuals involved in the following areas are eligible to access the loan:

  • Primary production (crops, livestock, apiculture, fishing, aquaculture or aquaponics);
  • Agro-processing;
  • Agri-support type activities (agro-shops, seedlings nurseries, tractor services etc.);
  • Marketing, Horticulture, Forestry;
  • Agro-tourism;
  • Agricultural Cooperative Societies;
  • Rural development initiatives; and
  • Wood working and saw milling.
Responsible Agency/Contact Person

Agricultural Development Bank
87 Henry Street, Port of Spain

Tel: 612-0163
Web: http://www.adbtt.com/


IX. ADB Secure Loan

The Agricultural Development Bank (ADB) provides agri-entrepreneurs with financing for personal and agri- business security.

To qualify for this loan, applicants should be a:

  • Citizen or resident eighteen years and over;
  • Company registered to do business in Trinidad and Tobago;
  • New or existing agri- entrepreneur with a viable project;
  • Full or part time farmer; and
  • Registered farmer/fisherman.

Applicants can benefit from low interest rates of 3% (effective rate).

Responsible Agency/Contact Person

Agricultural Development Bank
87 Henry Street, Port of Spain

Tel: 612-0163
Web: http://www.adbtt.com/


X. Vehicle Package Loan

This loan is specifically for the purchase of a new or used vehicle or tractor. It provides funding to new and/or existing farmers, fishermen and agri- entrepreneurs.

Characteristics of the Vehicle Package Loan include:

  • Medium term loan - 8 years for new vehicles and 5 years for used;
  • Monthly instalments;
  • Funding for new or used vehicles, farm machinery, tractors and attachments;
  • Effective Interest rate between 4% to 5%; and
  • Funding of up to 100% (terms and condition apply).
Responsible Agency/Contact Person

Agricultural Development Bank
87 Henry Street, Port of Spain

Tel: 612-0163
Web: http://www.adbtt.com/


XI. Revolving Loan Account

This is similar to an overdraft facility available to individuals and companies that require specific access to working capital for their operations or every day running of their projects.

It is available to existing clients with good credit ratings. The minimum lending limit for this loan is TT$10,000.00, with an effective interest rate between 4% and 5%.

Responsible Agency/Contact Person

Agricultural Development Bank
87 Henry Street, Port of Spain

Tel: 612-0163
Web: http://www.adbtt.com/