CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
(6) Where an office or a branch or agency of any non-resident company
engaged in trade or business in Trinidad and Tobago, remits or is deemed
to remit any part of the profits of such non-resident company accruing in
or derived from Trinidad and Tobago, such office or branch or agency of
the non-resident company shall be liable to account for and pay over
withholding tax in respect of such profits in accordance with the
provisions of this section as if the remitting of such profits was a
distribution.
(7) For the purpose of subsection (6) an office or a branch or agency of a
non-resident company shall be deemed to have remitted all the profits
thereof, except to the extent that the office or the branch or agency has
reinvested to the satisfaction of the Board such profits or any part thereof
in Trinidad and Tobago, other than in the replacement of fixed assets.
81 (8) In subsections (6) and (7) "profits" means -
(a) in relation to any company charged to tax under the Petroleum
Taxes Act, profits computed by applying ordinary accounting
practices in accordance with section 28 of that Act, after deducting,
however any petroleum profits tax, refinery throughput tax and any
unemployment levy and national recovery impost paid in respect
of such profits, so however that any such profits shall be deemed to
include any amount authorised to be deducted as submarine well
allowance or submarine production allowance by the Income Tax
(In Aid of Industry) Act in ascertaining the taxable profits of any
company for the purposes of the petroleum profits tax, and all such
amounts shall be included accordingly;
Amended/Deleted by Finance Act, 1989
Acts 5 of 1981 & 11 of 1988
(b) in relation to any other company, the chargeable profits of that
company, for each year of income, after deducting however any
corporation tax paid in respect of such profits.
Amended by Finance Act No: 11/88 and No: 6/89
51. In sections 49 to 56 - Meaning of "payment"
"payment" means a payment without any deductions whatsoever other
than a distribution, not being a payment to which Section 99 applies, with
respect to -
(a) interest, discounts, annuities or other annual or periodic sums;
81 BIR Note: Effective 5th May, 1988
BIR Mac Edition 91/01 Page 84