CHAPTER 75:01 - Inland Revenue Division

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Income Tax Act Mac 1 Vol. 1 SEVENTH SCHEDULE (Cont'd) CLASS C (WEAR AND TEAR RATE) 33.3% Rate % Aerated Water Plant - Bottles and Cases 33.3 Agricultural Machinery - Tractors, Ploughs, Harvesters, etc. 33.3 Audition Unit - Station and Testing Equipment 33.3 Bulldozers 33.3 Computers 33.3 F.A. 35/98* Cranes - Electrical or otherwise 33.3 Cranes - Gantries 33.3 Cutlassing Machine 33.3 Farming Equipment 33.3 Forklift Trucks 33.3 Rigs (Oil) 33.3 Road-making Plant - Jitney 33.3 Road-making Plant - Spray Trucks 33.3 CLASS D (WEAR AND TEAR RATE) 40% Aircraft - Engine Props - Rotable Spares 40 Aircraft - Second-hand 40 *Effective 1 st January 1998 “EIGHTH SCHEDULE” BIR Mac Edition 91/<strong>01</strong> Page 176
Income Tax Act Mac 1 Vol. 1 EMPLOYMENT ALLOWANCE RULES (Section 11) 1. Where a person is engaged in any trade, an employment allowance shall be granted to that person in accordance with rule 2 in respect of every additional worker whom he employs on or after 1st January, 1997, for wages not exceeding four thousand dollars per month. Grant of employment allowance 2.(1) An employment allowance of two hundred per cent of the salary or wages actually paid to each additional worker, shall be granted to the person engaged in trade and such allowance shall be granted in respect of each additional worker, for the duration of his unbroken employment not exceeding twelve consecutive months. Amount of employment allowance (1A) For the removal of doubt it is hereby declared that a person to whom an employment allowance is granted shall not be entitled to a deduction under section 10 in respect of salary or wages referred to in subrule (1) Finance Act 35/98* (2) In this rule, “wages” means salary or wages paid to an employee and includes a bonus but does not include payments made for overtime work. 3. For the purpose of determining whether a person qualifies for the grant of an employment allowance, regard shall be had to the number of workers employed in that trade either - (a) on 1st January; or (b) on the date of the commencement of such trade, in the year immediately preceding the year of income in respect of which the allowance is claimed. Number of workers to determine whether a person qualifies for an allowance 4. Where on or after 1st January 1997, a person engages for the first time in a trade, the total number of workers employed at the date of the commencement of such trade shall be deemed to be additional workers for the purpose of rule 2. Workers deemed to be additional workers on commencement of new trade 5. Notwithstanding rules 3 and 4, where after 1st January, 1997, there is a merger or amalgamation of two or more trades or the takeover of one trade by another, a person who was an employee of any of those trades before such merger, amalgamation or takeover shall not be treated as an additional worker for the purposes of rule 2. Employees of existing trades not to be treated as additional workers *Effective 1 st January 1998 BIR Mac Edition 91/<strong>01</strong> Page 177
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CHAPTER 75:01 INCOME TAX ACT AN ACT
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FINANCE ACT 1987 An Act relating to
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CHAPTER 4:50 TAX APPEAL BOARD ACT A
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TAX APPEAL BOARD RULES Made Under S
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17. The Court may, on the applicati
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INCOME AND CORPORATION TAX APPEALS
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(b) without leave at any time befor
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FORM B (Rule 5) TRINIDAD AND TOBAGO
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FORM F (Rule 14) (Subpoena duces te
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“financial year” means the peri
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in each financial year an amount eq
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17. All moneys collected pursuant t
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(2) Where the Board in such inspect
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Bills negotiated Handling charge Bo
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Over limit charge Late payment fee
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Miscellaneous Taxes Act PART X 154
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48. All accounts relating to the fu
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52. (1) A tax to be called a hotel
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(14) Where an hotel operator has fa
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Miscellaneous Taxes Act PART XII 15
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157 Effective 29 th March 1995 - Ac
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(2) Where- (a) (b) a premium under
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60A. The Tax Authority may waive in
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64. (1) Where it is proved to the s
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(a) has been in existence for a per
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BIR Mac Edition 91/01 Page 313
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CHAPTER 75:01 - Inland Revenue Division

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