CHAPTER 75:01 - Inland Revenue Division

the following month;
(c)
an intermediary shall, in respect of premium received
by him in any month, pay the insurance premium tax
to the insurer within thirty days of receiving the premium.
(2) Where a risk in Trinidad and Tobago is insured by a foreign insurer under
a taxable insurance contract, the insured person shall pay the tax in respect
of a premium under that contract to the Tax Authority on or before the
fifteenth day of the month after that in which the premium is paid.
(3) Notwithstanding anything in the Income Tax Act the Chap. 75:01
Corporation Tax Act or the Petroleum Taxes Act, an insured Chap. 75:02
person shall not, in computing his chargeable income or profits Chap. 75:04
for the purposes of any of those Acts, be allowed to claim a
deduction for the premium paid to the foreign insurer unless the
tax payable on that premium is paid to the Tax Authority.
59A. (1) The Tax Authority may at any time audit insurance companies to ensure that
the correct taxes are paid to the Authority.
(2) The Tax Authority shall, in respect of the collection and recovery of taxes and
an audit under subsection (1), have all the powers which the Board of Inland
Revenue has in relation to income tax under the Income Tax Act.
Finance Act 2002*
60. (1) Where -
(a) a premium under a taxable insurance contract is received by
the insurer after 1st December, 1994 and before1st January,
1995; and Deemed date of receipt of certain premiums
(b) the period of cover for the risk begins on or after1st January, 1995,
the premium shall, for the purposes of this Part, be
deemed to be received on 1st January, 1995.
*Effective 1 st January 2003
Miscellaneous Taxes Act
BIR Mac Edition 91/01 Page 306