CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
(2) Nothing contained in this regulation authorises the allowance of credit
against any Trinidad and Tobago tax against which credit is not allowable
under the arrangements.
Requirement as to residence
3. Credit shall not be allowed against tax for any year of income unless the person
in respect of whose income the tax is chargeable is resident in Trinidad and Tobago for
that year.
Limit on total credit
4. The credit shall not exceed the amount which would be produced by computing
the amount of the income of the person in question in accordance
with provisions of this Act, and then charging it to income tax at a rate
ascertained by dividing the income tax chargeable (before allowance of
credit under any arrangements having effect under section 93 of this Act)
on the total income by the amount of the total income.
5. Without prejudice to the provisions of regulation 4, the total credit to be
allowed to a person against income tax for any year of income for foreign
tax under all arrangements having effect by virtue of section 93 of this Act
shall not exceed the total tax payable by him for that year.
Effect on computation of income of allowance of credit
6. (1) In computing the amount of the income -
(a) no deduction shall be allowed in respect of foreign tax (whether
in respect of the same or any other income);
(b) where the income tax chargeable depends on the amount
received in Trinidad and Tobago, the said amount shall be
increased by the appropriate amount of the foreign tax in respect of
the income;
(c) where the income includes a dividend and under the
arrangement foreign tax not chargeable directly or by deduction in
respect of the dividend is to be taken into account in considering
whether any, and if so what, credit is to be given against income
tax in respect of the dividend the amount of the income shall be
increased by the amount of the foreign tax not so chargeable which
falls to be taken into account in computing the amount of the
credit,
BIR Mac Edition 91/01 Page 163