CHAPTER 75:01 - Inland Revenue Division

Corporation Tax Act Mac 1
Vol. 1
(d) does not have as a shareholder any other company holding
shares either directly or indirectly through its nominees;
130 (e) maintains accounts which are audited by an accountant who
is a member of the Institute of Chartered Accountants of Trinidad
and Tobago; Finance Act 1994
(f) has potential for creating permanent jobs;
(g) has at least five permanent employees; and
(h) makes optimum use of locally produced raw materials.
16B. (1) In the case of a company carrying on a business in a regional development
area, the Minister may, after consultation with the Industrial
Development Corporation, issue a certificate of approval to that company
where the company -
Regional development company
(a) is incorporated in Trinidad and Tobago on or after 8th January
1988 and is resident in Trinidad and Tobago;
(b) is locally owned and controlled as defined in section 16(9) and
no other company holds more than twenty-five per cent of the
issued share capital either directly or indirectly through its
nominees;
(c) is not formed by the splitting or the reconstruction of a
company already in existence;
(d) carries out its operations in an area designated by the Minister
to be a regional development area in accordance with subsection
(3) and produces manufactured goods or industrial services of
which at least seventy-five per cent are produced in the regional
development area;
(e) holds at least seventy-five per cent of its fixed assets in the regional
development area;
(f) employs twenty or more workers of whom at least seventy-five
per cent work in the regional area and receive more than sixty per
cent of the company's total payment in respect of salaries and
wages, such percentage to include the salary or wage of any
worker who markets a product manufactured in a regional
development area, outside of that area; and
130 BIR Note: Change effective 1st January, 1994
BIR Mac Edition 91/01 Page 210