As required within the jurisdiction of Trinidad and Tobago, individuals or businesses that makes a
gross sales value of TT$500,000 or in excess of TT$500,000 in any 12-month period, MUST register for VAT.
Individuals and businesses whose sales forecast is TT$500,000 or more within any 12-month period, MUST also register.
The Ministry of Finance provides a detailed overview of the VAT registration process. See more here: https://www.finance.gov.tt/services/income-tax/registering-for-vat/
While it is not necessary to attach invoices when submitting your VAT returns, individuals and businesses are advised to keep their books and records in order should the documents be requested.
Related: Bookkeeping Tips for Small Businesses
GUIDELINES FOR KEEPING BOOKS AND RECORDS
Guided by the Ministry of Finance, Inland Revenue Division, the following are basic guidelines for the keeping of books and records.
It must be kept:
- In the English Language
- In the nation’s currency (TT)
- At the principal place of business
In such form as would enable the BIR to determine the accuracy of the information appearing on the VAT Return.
