CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
in any year of income shall, upon being requested by the individual to do
so, provide the individual with a certificate setting out - Finance Act, 1996
(a) the amount of interest, that has been paid or credited, or has accrued,
to the individual in the year of income; and
(b) the amount that has been deducted under subsection (2A). Finance Act, 1989
Finance Act 1996
Finance Act 1995
(7) Where the Trinidad and Tobago Unit Trust Corporation or a financial
institution referred to in subsection (1)(e) declares a dividend or a
distribution the Trinidad and Tobago Unit Trust Corporation or the
financial institution, as the case may be, shall no more than fourteen
days after the declaration, submit a statement to the Board in writing,
of the dividend or distribution declared.
(8) The statement referred to in subsection (7) shall include the following:
(a) the date of declaration of the dividend or distribution;
(b) the portion of the amount or value of a dividend or distribution
comprising interest;
(c) the portion of the interest that is payable to a unit holder or other
beneficiary over the age of sixty years.
(9) Notwithstanding subsection 1(e) and (f) where tax is before 1st January, 1997
deducted in respect of interest which accrued to a financial institution referred
to in subsection 1(e) or to the Unit Trust corporation, no tax shall be charged in
respect of that interest where it forms part of the value or amount of a dividend
or distribution paid or credited to a beneficiary or unit holder on or after 1st
January 1997.
(10) Where the interest has been accruing to a resident individual prior to the
commencement of the Finance Act, 1997 and that interest is paid or
credited to him on or after such commencement, there shall be charged
upon that interest, tax at the rate of five per cent. Act 91 of 2000*
(11) Notwithstanding any other written law to the contrary, where the accounts
referred to in subsection 1(b) are operated in a foreign currency, the tax
may be paid in the currency in which the accounts are operated. Finance Act 1997
34B Repealed
BIR Mac Edition 91/01 Page 62