CHAPTER 75:01 - Inland Revenue Division

Corporation Tax Act Mac 1
Vol. 1
such deductions and additions as are required to give effect to the
provisions of the Income Tax (In Aid of Industry) Act which relate to
deductions and allowances and charges in respect of capital expenditure,
as those provisions are applied by this Part.
Deductions and additions in computation of profits for capital allowances and related charges
Ch. 85:04
(2) Allowances and charges which fall to be made for any year of income in
computing the profits of a trade shall be given effect by treating the
amount of any allowances as a trading expense of the trade in that year,
and by treating the amount on which any such charge is to be made as a
trading receipt of the trade in that year.
10 A. Amended/Deleted Finance Act 1989
10B. 125 (1) In computing for purposes of corporation tax, the profits of a company
for a year of income, there shall be allowed promotional expenses wholly
and exclusively incurred in order to create or promote the expansion of
foreign markets for the export of -
(a) architectural engineering, design, quantity surveying or contracting
services in connection with the building industry where such services
are performed by a person resident in Trinidad and Tobago for a
recipient who is outside Trinidad and Tobago; or
(b) the export of goods and agricultural produce manufactured or produced
in Trinidad and Tobago and shipped in commercial quantities
equivalent to one hundred and fifty per cent of the amount actually
expended.
Promotional expenses
Act No.11 of 1984
Finance Act 1994
(2) A company granted an allowance under this section is not entitled to
an allowance under section 10 of the Income Tax Act in respect of
expenses referred to in subsection (1)
Ch.75:01
(3) A company may only qualify for an allowance under this section in respect
of promotional expenses incurred in order to create or promote the
expansion of foreign markets for the export of services referred to in
subsection (1) (a) or goods and agricultural produce manufactured or
produced in Trinidad and Tobago, where goods have been exported as
result of such expenditure. Amended by Finance Act, 1994
125 BIR Note: Effective 1st January 1983
** Effective 1 st January 2003
BIR Mac Edition 91/01 Page 198