CHAPTER 75:01 - Inland Revenue Division
CHAPTER 75:01 - Inland Revenue Division
CHAPTER 75:01 - Inland Revenue Division
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Income Tax Act Mac 1<br />
Vol. 1<br />
vocation is carried on by a company, the managing director and the<br />
secretary of the company shall each, in addition to the company itself, be<br />
personally liable for the performance of the said duties.<br />
* Effective 1 st January 1999<br />
100. For the purposes of sections 98, 99, 125(1)(a) and 125(2)(a), the expression<br />
"emoluments" means all salary, wages, overtime, bonus, remuneration,<br />
perquisites including the value of board and lodging, stipend, commission<br />
or other amounts for services, directors' fees, retiring allowances or<br />
pension, arising or accruing in or derived from or received in Trinidad and<br />
Tobago and which are assessable to income tax, but does not include any<br />
salary or share of profits arising from a trade, business, profession or<br />
vocation carried on by any person either by himself or in partnership with<br />
any other person.<br />
Definition of emoluments<br />
1<strong>01</strong>. The Board shall from time to time as occasion may require prepare tax<br />
tables, a copy whereof shall be made available to any person required by<br />
this Act or any regulations made under section 125 thereof to deduct or<br />
withhold tax pursuant to section 99(1), for the purpose of enabling such<br />
person to calculate, subject to and in accordance with any regulations<br />
made under the said section 125, the amount of any tax to be so deducted<br />
or withheld.<br />
Board to prepare tax tables<br />
102. (1) If any tax is not paid on or before the prescribed date, a sum equal to<br />
five per cent of the amount payable shall be added thereto, and the<br />
provisions of this Act relating to the collection and recovery of tax shall<br />
apply to the collection and recovery of such sum.<br />
Penalty for non-payment of tax and enforcement of payment<br />
(2) Subsection (1) applies only in respect of tax which becomes payable<br />
on or before 1st December 1957.<br />
(3) If any tax which becomes payable on or after 1st January 1958 is not<br />
paid on or before the prescribed date, a sum shall be added thereto<br />
calculated at the rate of twelve per cent a year of the amount of such tax<br />
remaining unpaid, and if any amount of such tax is not paid within twelve<br />
months after the prescribed date, at the rate of fifteen per cent a year of the<br />
amount of such tax remaining unpaid, and the provisions of this Act<br />
relating to the collection and recovery of tax shall apply to the collection<br />
and recovery of such sum.<br />
BIR Mac Edition 91/<strong>01</strong> Page 117