CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
"registered co-operative society" means a society which has been
registered under the Co-operative Societies Act.
Ch.81:03
“spouse” includes a cohabitant as defined in the Cohabitational
Relationships Act. Act No. 30 of 1998
Act 39 of 2000*
22 "total income" means the aggregate amount of income of a
person from the sources specified in section 5 before making any
deductions allowed by any provision of this Act other than sections
10, 11 and 16 of this Act and the Income Tax (In Aid of Industry) Ch 85:04;
Act. Act No. 14 of 1987
23 8A Deleted Finance Act 1997
9. The President may by Order provide that the interest payable on
any loan charged on the public revenue of Trinidad and Tobago
shall be exempt from the tax, either generally or only in respect of
interest payable to persons not resident in Trinidad and Tobago; and
such interest shall, as from the date and to the extent specified in
the Order, be exempt accordingly.
Govermnment
Loans
COMPUTATION OF INCOME
10. (1) In computing the income of any person for a year of income
from any source specified in section 5 for the purpose of
ascertaining the chargeable income of a person for that year, there
shall be allowed to that person all outgoing and expenses wholly
and exclusively incurred during the year of income by that person
in the production of the income from that source, so however that -
Computation of Income generally
(a) in the case of gains or profits from employment or office
under section 5(1)(e), the outgoings or expenses allowable shall
be expenses that were wholly, exclusively and necessarily
incurred and defrayed in respect of travelling in the
performance of duties of the employment or office or keeping
or maintaining means of transport to enable the performance of
those duties. Finance Act 1997
(b) in the case of outgoings and expenses in respect of management
charges paid to or for the benefit of a person not resident in
Trinidad and Tobago and to every non-resident company (such
person or company not being engaged in a trade or business in
Trinidad and Tobago giving rise to such management charges)
22 BIR Note: Effective 1st January 1987.
23 BIR Note: Effective 1st January, 1991
*Effective 5 th September 2000
BIR Mac Edition 91/01 Page 19