CHAPTER 75:01 - Inland Revenue Division

Corporation Tax Act Mac 1
Vol. 1
(c) an approved annuity business not subject to tax under this Act, include -
(i) a dividend paid by a financial institution carrying on unit trust business and
licensed under the Financial Institutions Act;
(ii) the amount or value of a distribution paid by the Unit Trust corporation of
Trinidad and Tobago,
payable out of interest in respect of which tax has been deducted under section 3B, such
approved annuity business is entitled in that year of income to a tax credit equivalent to the
tax deducted on the portion of the interest that relates to the dividend or distribution received.
(2) The tax credit referred to in subsection (1) shall not be granted unless a certificate from
the trust or the Unit Trust Corporation of Trinidad and Tobago is produced in support of the
claim relief.
(3) The certificate shall state the amount of tax deducted on that portion of the interest that
relates to the dividend or distribution received.
(4) Notwithstanding the repeal of section 3B by the Provisional Collection of Taxes (No. 2)
Order, 1996, this section shall continue to have effect for the purposes of subsection (5), as
though section 3B had not been repealed.
(5) Where an approved fund or scheme, approved sporting body or institution or approved
annuity business is, in relation to the year of income ending 31 st December, 1996, entitled to
a tax credit under subsection (1), which exceeds the amount of tax for which it is assessed,
such approved fund or scheme, approved sporting body or institution or approved annuity
business, as the case may be, shall be entitled in relation to that year of income to a refund
equivalent to the diference between the amount of the tax credit and the amount of the tax
assessed.
16J. Where in any year of income, an investor makes an investment in the
initial ordinary share capital of the Export Import Bank, that the investor
shall be entitled to a tax credit of ten per cent of the amount of the
investment for each of the three years following the year of income in
which the investment was made. Finance Act 37 of 2000*
17. (1) Except in so far as this Part otherwise provides, the Income Tax (In
Aid of Industry) Act and any provisions of the Act relating to the making
of allowances or charges under or in accordance with the said (In Aid of
Industry )Act shall apply equally for purposes of corporation tax and income
tax. Application and adaptation of Income Tax Act as to capital allowance and other matters
BIR Mac Edition 91/01 Page 213