Only a few reporting requirements have been retained to deter money laundering and tax evasion. The government maintains domestic price controls only on sugar, schoolbooks, and pharmaceuticals. National stamp taxes and import surcharges on manufactured items were repealed as of January 1, 1995. By the end of 1994, almost all non-oil manufactured products and most agricultural commodities were removed from the Import Negative List, which previously required licenses for certain imports. The list of products subject to import surcharges has now been reduced to two items - poultry and sugar.
Excise tax is levied only on locally produced petroleum products, tobacco and alcoholic beverages.
The corporate tax rate was lowered in 1994 from a maximum of 45 percent to 38 percent, and again in 1995 to 35 percent. Trinidad and Tobago and the United States have entered into a double taxation treaty. All imports of food and drugs must satisfy prescribed standards. Imports of meat, live animals and plants, many of which come from the United States, are subject to specific regulations. The import of firearms, ammunition and narcotics are rigidly controlled or prohibited.