CHAPTER 75:01 - Inland Revenue Division

Corporation Tax Act Mac 1
Vol. 1
promotion or advancement of sporting events or to the provision of
facilities or amenities for competitors in, or for members of the
public who attend, sporting events except that a body of persons
shall not cease to be a sporting body of persons by reason only of
the fact that a portion of its profits is donated to any charitable or
educational institution of a public character; and
"sporting events" means athletics, badminton, basket ball, billiards,
amateur boxing, amateur wrestling, cricket, cycling, flying, model
aeroplane flying, football, golf, hockey, netball, polo, swimming,
tennis, weight lifting, yachting and such other activities as may be
prescribed.
(3) For the purposes of this section -
119 "local authority" means the Port of Spain Corporation,
established under the Port of Spain Corporation Ordinance, the San
Fernando Corporation, established under the San Fernando
Corporation Ordinance and the Arima Corporation, established
under the Arima Corporation Ordinance as the case may be;
"investment company" means a resident company that in respect of
a year of income satisfies the following conditions-
(a) 100 per cent of the assets thereof are situated in
Trinidad and Tobago;
(b) at least 80 per cent of its property owned throughout the
year was shares, bonds, marketable securities;
(c) not less than 90 per cent of its profits was derived from
shares, bonds or marketable securities;
(d) not more than 50 per cent of its gross revenue for the
year was from interest;
(e) at no time in the year did more than 10 per cent of its
property consist of shares, bonds, marketable securities of
any one company or debtor, other than those of the
Government;
(f) at no time in the year was the number of shareholders of
the company less than fifty, none of whom at any time in
the year held more than 25 per cent of the shares or the
capital of the company;
119 BIR Note: Include "the Point Fortin Corporation, established under the Point Fortin Act (12 of
1980) ".
BIR Mac Edition 91/01 Page 194