CHAPTER 75:01 - Inland Revenue Division

Corporation Tax Act Mac 1
Vol. 1
(g) 90 per cent or more of its profits (other than dividends
or interest received in the form of shares, bonds, or other
securities that had not been sold before the end of the year
of income) was distributed to its shareholders within six
months following the end of the accounting period for that
year of income.
(3A) For the purposes of subsection (1)(s) and (t) -
"approved agricultural holding" has the same meaning assigned to it as
under section 14(6) of the Income Tax Act;
"financial institution" means a company which carries on all or any
aspects of banking business or business of a financial nature;
"Minister" means the Minister to whom responsibility for agriculture
is assigned; Finance Act 1994
(4) The President may, by Order subject to a negative resolution of
Parliament, amend subsection (1) by extending, reducing or otherwise
altering the list of exemptions.
(5) Sections 10, 11 and 12 of the Income Tax Act have effect in relation
to interest referred to in paragraphs (s) and (t) as if paragraphs (s) and (t)
had not been enacted.': Finance Act 1994
6A. 120 The exemption referred to in section 6(1)(m) shall not apply to market
development grants, unless they have been made in respect of expenses incurred
by an exporter, prior to the export of the first commercial shipment
of goods produced in Trinidad and Tobago, to the foreign market, and that
market shall not be a market in a country specified in the Sixth Schedule
hereto.
Market development grants
Act No.11 of 1984
COMPUTATION OF PROFITS
7. (1) Except as otherwise provided by this Part, the chargeable profits of a
company shall be computed in accordance with income tax principles
relating to the provisions of the Income Tax Act applied by section 19 and
all questions as to the amounts which are or are not to be taken into
account as profits, or in computing profits, or charged to tax as a person's
profits or as to the time when any such amount is to be treated as arising,
being determined in accordance with income tax law as applied by section
19 and practice. General rules for computation of income
120 BIR Note: Effective 1st January 1983.
BIR Mac Edition 91/01 Page 195