CHAPTER 75:01 - Inland Revenue Division

Corporation Tax Act Mac 1
Vol. 1
(b) ten thousand dollars, in any other case,
so however that where any such director receives remuneration by way of
a salary as a full-time employee of the company, the company may not
claim as a deductible expense an amount in excess of six thousand dollars
in respect of the fees so paid.
(3) Notwithstanding anything in this section to the contrary where any
sum paid to a director of a close company exceeds an amount which in the
opinion of the Board appears to be fair and reasonable in view of the time
provided by the director to the affairs of the company, the Board may
deem the excess of the amount paid to such director over what is
considered to be fair and reasonable, to be a distribution by the company
to such a director.
13. The provisions of the Third Schedule shall have effect for the interpretation
and operation of the foregoing sections of this Act relating to close companies,
and those sections shall have effect subject to and in accordance with
the provisions of that Schedule.
Supplementary provisions about close companies
Third Schedule
SPECIAL CLASSES OF COMPANIES
14. The provisions of the Fourth Schedule shall have effect for the purpose of
ascertaining the chargeable profits and the tax payable thereon of
Insurance Companies (including Life Insurance Companies) Shipping
Companies and Air Navigation Companies.
Special provisions as to Insurance Companies and Shipping Companies, etc.
Fourth Schedule
15. The provisions of the Fifth Schedule shall apply for the purpose of
ascertaining the chargeable profits and the tax payable thereon of
approved mortgage and other companies, and notwithstanding anything to
the contrary in this or in any other enactment, the provisions of sections 42
to 46 of the Income Tax Act shall apply to an approved mortgage or other
company referred to in the said Schedule for the purposes of this Part.
Approved Mortgage Companies, etc.
Fifth Schedule
16. 126 (1) Subject to this section, for the purpose of ascertaining the chargeable
profits of an approved property development company, there shall be deducted
an amount equal to fifteen percent of any capital expenditure
126 BIR Note: Effective 1st January 1973.
BIR Mac Edition 91/01 Page 206