CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
(7) This section shall not apply to life insurance policies issued after 31st
December, 1988. 55 G.N.212 of 1989
56 34 A. (1) Subject to subsections (2) and (2A), there shall be charged upon 57 Tax on Interest
(a) the interest payable to a resident individual on loans secured by
bonds or other similar investment instruments;
(b) the interest payable to a resident individual on all classes of
savings or other accounts with banks, financial institutions or any
person carrying on a trade or business, who in the ordinary course
of operations receives or retains money in such circumstances that
interest becomes payable,
Finance Act 1996
(c) Deleted Finance Act 1996
(d) Deleted Finance Act 1996
(e) that portion of a dividend comprising interest which is payable to
a resident individual under the age of sixty years who is a beneficiary
under a trust operated by a financial institution carrying on unit trust
business and licensed under the Financial Institutions Act 1993,
where the profits of such trust are exempt from corporation tax. Finance Act 1997
(f) that portion of the amount or value of a distribution comprising
interest which is paid or credited to a resident individual under
the age of sixty years by the Trinidad and Tobago Unit Trust
Corporation. Finance Act 1997
where such interest, accrues or is paid or credited to the individual in a
year of income, a tax at the rate of five percent on the interest, accrued,
paid or credited, and the interest, so accrued, paid or credited shall be
deemed not to be the income of the individual for the purposes of this Act.
Finance Act 1995 1996
and Act No. 25 of 1992
Interest on savings
Finance Act 1997
Act 91 of 2000*
55 BIR Note: Change effective 1st January 1990.
56 BIR Note: Section 34A formerly dealing with ‘interest on savings’ was deleted and substitued with
provisions on tax on interest and dividends.
Subsections (a) and (b): Effective 29th March, 1995
Subsection (c): Effective 1st January, 1994
Subsection (d): Effective 1st January, 1995
57 BIR Note: Effective 8th May 1996
BIR Mac Edition 91/01 Page 60