Giving

What is a Deed of Covenant?

A Deed of Covenant is a legally binding agreement between a Donor (contributing individual or company) and Donee (PCTT) and the Ministry of Finance. You can agree to contribute any amount up to fifteen percent (15%) of your gross annual income under the Deed of Covenant tax allowance program. You must however register the Deed of Covenant with the Board of Inland Revenue on or before the 31^st of December in the year in which contributions are made. To do this, you must fill out three original Deed of Covenant application forms (Legal size paper), in black ink, signed, witnessed, and stamped.

To do this, you must fill out three original Deed of Covenant application forms (Legal size paper), in BLOCK LETTERS and in black ink. Ensure to insert your correct BIR number. The form must be signed and witnessed. The witness must include their name, address, and occupation. The 6-inch area at the top front cover must be left blank for official purposes. Drop the form at Synod office for PCTT stamp and signature.

Please note that there is a stamp duty that must be paid upon registration at the Board of Inland Revenue. That Stamp Duty is equal to $2.00 for every $1,000.00 x the number of years in your deed of covenant. (e.g., If the value of your deed of covenant is $10,000.00 for three years, then your stamp duty will be $2.00 x 10 x 3yrs = $60.00)

How it works.

As of 2023 the Government of Trinidad and Tobago has lifted the Personal Tax Allowance to $90,000.00 annually. Therefore, for the first $7,500.00 of your

monthly income citizens pay no taxes. Above $7,500.00 (except for a few other allowances) citizens pay 25% of such income in personal taxes known as (PAYE).

Whereas the government knows that it cannot take care of all the needs of the society alone, institutions such as the PCTT are giving yeoman service to our nation and that institutions like ours depend on the sacrificial contributions of ordinary tax-paying citizens. Thus, the Government allows for these contributions to be deducted from your taxes:

1. If you contribute to any of the PCTT Churches or Institutions, then tell us, (Through a Registered Deed of Covenant) what your annual contribution is.
2. Keep all receipts of your contributions and forward to the Synod’s Office.
3. When you are filing your tax return for the year, you will indicate the value of your contribution to the PCTT, by an official letter from the PCTT.
4. You will then be allowed to deduct from your net taxable income the sum of your contributions as confirmed by the PCTT letter.

For more information, please contact the Synod’s Office.

Download Deed of Covenant form 2023