CHAPTER 75:01 - Inland Revenue Division

Miscellaneous Taxes Act
(b)
the whole or part of the payment is referable to
commission to which the intermediary is entitled,
in determining for the purposes of subsection (3) whether, or how much of,
the payment is received by the intermediary on behalf of the insurer, any of
the payment that is referrable to that commission shall be regarded as
received by the intermediary on behalf of the insurer notwithstanding
the entitlement of the intermediary.
(5) Goods in foreign or international transit are goods in transit where their
carriage -
(a)
(b)
(c)
begins and ends outside Trinidad and Tobago;
begins outside but ends in Trinidad and Tobago; or
ends outside but begins in Trinidad and Tobago.
55. (1) A tax, to be called an insurance premium tax shall be charged
in accordance with this Part.
Insurance premium tax
(2) The tax shall be under the care and management of the Tax
Authority.
56. (1) Subject to subsection (2), tax shall be charged on the receipt Charge to tax of a
premium by an insurer where -
(a)
(b)
the premium is received under a taxable insurance contract; and
the period of cover for the risk under the taxable insurance
contract; and -
(i)
(ii)
begins on or after January, 1995; or
begins before 1st January, 1995 and extends
to a date after 31st December, 1995.
Miscellaneous Taxes Act
BIR Mac Edition 91/01 Page 304