CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
resolve a disability attaching to any employee that regulation may be
given effect for that purpose.
(4) A regulation having retrospective effect shall be subject to affirmative
resolution of Parliament.
33. (1) Notwithstanding the provisions of sections 27 to 32, but subject to this
section, no deduction shall, for the year of income 1966 and subsequent
years of income, be allowed -
Conversion of certain policies into local currency
(a) Amended/Deleted by Finance Act, 1989
(b) in respect of any contribution made to any approved fund, plan or
scheme, unless the benefits payable under such fund, plan or
scheme are payable only in the currency of the East Caribbean
Currency Authority or is in the currency of Trinidad and Tobago,
or of Barbados, or of Guyana, or if payable in some other currency
are converted within a reasonable period of time to be made
payable in Trinidad and Tobago currency, such period to be
determined by the Minister.
(2) Nothing in this section shall apply –
(a) Amended/Deleted by Finance Act, 1989
(b) to any such contribution as is mentioned under subsection (1)(b) if
the person who makes such contribution entered outside of
Trinidad and Tobago into the agreement to make such
contribution
and if at the time of entering into such agreement the beneficiary
was not resident and not domiciled in Trinidad and Tobago and if
the benefits payable under the fund, plan or scheme to which such
contribution relates are not payable in Trinidad and Tobago.
(c) to any such contribution as is mentioned under subsection (1)(b),
where any sum is payable by an insurer under section 195 of the
Insurance Act in the currency in which the premiums has been
paid. Act 39 of 2000*
34. (1) Where a life insurance policy is surrendered before the policy holder
attains the age of sixty years there shall be deducted or withheld from any
sum paid to a person in a year of income as the surrender value thereof, by
the person paying that sum, tax equal to five per cent thereof and any
amount so deducted or withheld shall forthwith be remitted to the Board.
Tax on surrender value of a life insurance policy
(2) Where tax has been paid to the Board under subsection (1) -
BIR Mac Edition 91/01 Page 58