Trinidad and Tobago has introduced new fiscal incentives for oil and gas companies investing in oil and gas exploration and production as of 2014. Companies will be able to recover 100% of their exploration costs in the first year of expenditure from 2014 to 2017; as of 2018, they will be able to recover 50% in the first year, then 30% in the second year and 20% in the third year. The 2018 scheme will be applied as of 2014 for oil and gas development expenditures. These measures are aimed at stalling the decline in oil production over the next few years.
Additional measures were approved to support the development of compressed natural gas (CNG) consumption (100% tax credit on the cost of converting motor vehicles to CNG) and of Compact Fluorescent Lamps (CFLs, 20% custom duty waived as of 1 January 2014). Fines for the illegal export of subsidised fuel will be raised dramatically.
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