CHAPTER 75:01 - Inland Revenue Division

Corporation Tax Act Mac 1
Vol. 1
(g) operates a system of accounts approved by the Industrial
Development Corporation.
(2) The Minister may designate an area to be a regional development
area where the area is outside the boundaries of the municipalities of Portof-Spain
and San Fernando, and
(a) is non-industrial; or
(b) has a high level of unemployment.
131 (3) The Minister may by Notice publish a list of regional development
areas.
16C. (1) The Minister may, after consultation with the Industrial Development
Corporation, classify as an approved activity an activity capable of -
Classifying of approved activity
(a) earning hard currencies, or effecting significant savings of foreign
exchange;
(b) creating a significant number of permanent jobs or offering
prospects for future expansion;
(c) stimulating technological development or developing new and
modern industries; or
(d) making efficient use of local raw materials,
and may by Notice publish a list of approved activities which in his
opinion satisfy the criteria outlined in this subsection. 132
(2) The Minister may, after consultation with the Industrial Development
Corporation, issue a certificate of approval to an approved activity
company where that company -
(a) is incorporated in Trinidad and Tobago on or after 8th January
1988 and is resident only 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;
131 BIR Note: See Legal Notice 103 of 1990
132 BIR Note: See Legal Notice 104 of 1990
BIR Mac Edition 91/01 Page 211