Customs duty is assessed on the fair market value of imported goods at the time they land in TT.  Import prices for products entering TT generally consist of cost, insurance, freight, and duty, with standard value added tax (VAT) of 12.5 percent levied on the aggregate value.  VAT is reduced to 0 percent for certain goods such as specific food items. View a list of  VAT-free items. 

As a member of CARICOM, TT has implemented CARICOM’s Common External Tariff for goods from countries outside CARICOM, with import tariffs up to 20 percent.  Items including books, CDs, computer hardware and software, and scanners enter tariff-free.  Auto parts, DVD players, and jewelry have a 30 percent tariff.  For social and/or environmental reasons, distilled spirits and wine, tobacco products, and motor vehicles are subject to high excise taxes.  More information on tariffs can be found at the Customs Info Database available on trade.gov (free registration required) to estimate duties and taxes.  There is also a seven percent tax for imports purchased online.