CHAPTER 75:01 - Inland Revenue Division

156 Effective 29 th March 1995 - Act 5 of 1995
* Effective 11 th January 1996
Miscellaneous Taxes Act
PART XIII
157 INSURANCE PREMIUM TAX
54. (1) In this Part - Definitions
“foreign insurer” means a company incorporated outside of
Trindiad and Tobago which engages in the insurance business
and has no established place of business in Trinidad and
Tobago;
“insurance business” has the meaning assigned to it by
section 3 of the Insurance Act; Chap. 84:01
“insurer” has the meaning assigned to it by section 3 of the
Insurance Act and includes a foreign insurer;
“premium” means any payment or part payment received by
an insurer under a taxable insurance contract, including
any such payment wholly or partly referable to -
(a)
(b)
(c)
any risk;
costs of administration;
commission;
“tax” means insurance premium tax;
“Tax Authority” means the Board of Inland Revenue;
“taxable insurance contract" means any contract of insurance other than -
(a)
(b)
a contract relating to ordinary long term insurance
business as defined in paragraph 1 of the First
Schedule to the Insurance Act;
a contract relating to commercial ships or aircraft;
BIR Mac Edition 91/01 Page 302