Have you sponsored a local production or carnival activity?
Here is a tax reminder if your business was involved in any carnival related activities or sponsorship of any local entertainment activities.
Carnival Information Update – Tax
A company that sponsors audio, visual or video production for the purpose of local education or local entertainment or reflecting local culture for radio or television, an allowance of 150% of expenditure incurred in respect of such production up to a maximum of TTD 3 million.
A production company incurs expenditure in respect of its own audio, visual or video production for education purposes or promoting or reflecting local entertainment or local culture for use in radio, television or cinematography works, an allowance equal to 150% of actual expenditure incurred up to a maximum of TTD 3 million.
Income made anywhere in the world should be declared on a tax return
Income from live performance
Music writer’s fees
Copyright music – COTT
Royalties from TUCO
Value Added Tax (VAT)
Any person involved in Carnival Related Activities or other forms of entertainment that is considered a Commercial Supply and involved in a Business Activity which is in excess of TTD 500,000 in a twelve month period, such a person is required to register for Value Added Tax.
Such persons may include, but not limited to:
Persons supplying sound systems for a fee
Promoters of carnival bands
Persons supplying transport for musicians and carnival bands
Persons offering for a fee, premises and other facilities for holding of shows and fetes.
Persons engaged in operating bar/food concessions
Arrangers of music for bands
Tuners of steel pans
Guest House Operators
Any queries for your business, please contact us at email@example.com