CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
(d) gratuities to members of the armed forces of any Commonwealth
country in respect of service rendered during the wars which began
on 14th August 1914 and 3rd September 1939;
(e) the income arising under a scholarship, exhibition, bursary or any
other similar education endowment held by a person receiving fulltime
instruction at a university, college, school or other educational
establishment;
(f) the income arising from investments of any fund or scheme
approved by the President under section 27(1)(c);
(fa) with effective from 1st January, 1999, the interest income on loans
made by financial institutions to fund projects within the small
business sector under the Small Business Development Company
Limited.
Finance Act 35 of 1998
(g) benefits (including lump sum payments) paid out of the Employment
Injury Benefit Fund and the Short Term Benefits Funds established
under section 43 of the National Insurance Act;
Ch.32:01
8 (h) dividends or bonus distributions, or both paid by a registered cooperative
society or dividends paid by the Agricultural
Development Bank to a member or a shareholder, as the case may
be, who is either resident or ordinarily resident in Trinidad and
Tobago;
(i) the income of the Council of Legal Education;
(j) (deleted with effect from 8th January 1988); Act No.11 of 1988
9 (k) the income of any resident individual where the total income does
not exceed twelve thousand dollars for a year of income; Act No.14 of 1987
(l) interest payable on bonds known as TTDFC Industrial Bonds that
are issued by Trinidad and Tobago Development Finance
Company Limited; Act No. 20 of 1989
10 (la) interest payable on bonds, known as restoration bonds, that are
issued by the Industrial Development Corporation for the purposes
of financing a business restoration facility; Finance Act 1991
(lb) with effect from 1st October, 1998 interest payable to resident
individuals on bonds issued by the Trinidad and Tobago Mortgage
8 BIR Note: Effective 1st January 1972
9 BIR Note: Effective 1st January 1987.
10 BIR Note: Effective 1st January 1991
BIR Mac Edition 91/01 Page 15