CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
(b)
the interest payable on funds borrowed by the Export
Import Bank from any institutions outside Trinidad and
Tobago. Act 36 of 2000*
(2) Where, after 1st January 1966, a person or company makes any
payment or distribution to any such person as is mentioned in subsection
(1), or to any non-resident company, the person or the company shall
under this subsection, within thirty days, account for and pay withholding
tax in respect of the payment or distribution aforesaid at the rate referred
to in subsection (1).
(2A) For the purposes of subsection (1) payment made to a person not
resident in Trinidad and Tobago for services rendered to an approved
enterprise in connection with an approved activity carried on in a free zone
under the Trinidad and Tobago Free Zone Act is a payment outside
Trinidad and Tobago. Finance Act, 1991
80 (2B) For the purposes of subsection (1), a payment made to a non-resident
company pursuant to a lease agreement made by the non-resident
company to let aircraft and related equipment to BWIA International
Airways Limited, shall be treated as a payment arising outside Trinidad
and Tobago to such non-resident company. Finance Act 1995
(3) Where the payment or distribution is made to a person who is not resident
in Trinidad and Tobago or to a non-resident company, and such person or
company is resident in a country with which there is a double taxation
agreement or Order under section 93, the person or company making the
payment shall, nevertheless, deduct tax at the rate specified in Part II of
the Third Schedule, unless the person or company making the payment
satisfies the Board that a reduced rate of withholding tax applies under or
by virtue of the double taxation agreement, or Order under section 93.
(4) A person liable under subsection (2) to account for and pay over
withholding tax to the Board who fails to do so is guilty of an offence, and
the provisions of section 99(4) shall apply accordingly.
(5) Notwithstanding the provisions of section 5, where a payment or
distribution that is subject to withholding tax is made to any person not
resident in Trinidad and Tobago or to any non-resident company, income
tax under section 5 or corporation tax shall not be payable in respect of
such payment or distribution.
80 BIR Note: Effective 29th March, 1995
*Effective 25 th September 2000
BIR Mac Edition 91/01 Page 83