CHAPTER 75:01 - Inland Revenue Division

Corporation Tax Act Mac 1
Vol. 1
securities, whether or not such income is exempt from tax under this Act or
any other written law.
(2) For the purposes of this section, the outgoing and expenses
incurred by a company in acquiring the right to receive the income derived
from a debt security referred to in subsection (1) shall include interest
expenses, investment fees or the consideration paid for the purchase of interest
coupons relating to such debt security.
Bonds, notes, debentures, other debt securities
Act 39 of 2000*
10G. (1) Subject to section 10L, where in a year of income commencing
from the year 2001, a company incurs expenditure in respect of an artistic
work, there shall be allowed as a deduction, in ascertaining the chargeable
profits of the company for that year of income, an allowance equal to one
hundred and fifty per cent of the actual expenditure up to a maximum of four
hundred and fifty thousand dollars. Amended Finance Act 2002**
(2) In respect of a visual work of art –
(a) the deduction may only be claimed in respect of the initial
acquisition of the work; and
(b) the deduction may be allowed where the work –
(i) is done by a national of Trinidad and Tobago; and
(ii) is certified by an art gallery, which shall submit a
valuation of the work done.
(3) In the case of a performing art, the deduction shall only apply
where –
(a) the work is done by a national of Trinidad and Tobago; and
(b) the national rendering such work is registered with the
Ministry with responsibility for culture or with the Tobago
House of Assembly, in the case of a national residing in
Tobago.
* Effective 1 st January 1998
**Effective 1 st January 2003
(4) In this section “artistic work” means any work of art, whether
visual or performing.
Art and Culture Allowance
Act 91 of 2000*
BIR Mac Edition 91/01 Page 202