CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
payments or distribution which is subject to withholding tax, the payer
shall furnish to the recipient of the payment or distribution a statement in
writing showing the gross amount of the payment, the amount of the
withholding tax and the actual amount paid.
Certificate for deduction of tax
(2) The duty imposed by subsection (1) shall be enforceable at the suit or
instance of the person entitled to the statement.
82 55A.(1) Deleted Chargeability of distributions made by listed resident companies
Finance Act 1995, 1996
(2) With effect from 1st January 1995, there shall be charged upon the income
accruing in a year of income to a resident individual in respect of a
preference dividend payable by a listed resident company, a tax at the rate
of fifteen percent of the preference dividend actually paid and the dividend
so paid shall be deemed not to be the income of the individual for the
purposes of the Act.
(2A) Subsection (2) applies to an unlisted resident company; Finance Act 1996
(3) A resident company shall, at the time when a preference dividend is paid
to a resident individual, deduct therefrom a tax at the rate of fifteen per
cent of the amount of the preference dividend actually paid and the tax so
deducted shall on or before the fifteenth day of the month following that in
which the tax was deducted, be remitted to the Board on account of the
liability of the individual to the tax; Finance Act 1996
(4) The provisions of section 34A (2), (4) and (6) apply mutatis mutandis to
this section.
(5) For the purposes of this section, 'listed resident company' means a
resident company whose securities have been admitted for quotation on the
Trinidad and Tobago Stock Exchange under the Securities Industry Act. Ch.:83:02
Finance Act 1995
Finance Act 1996
56. (1) Repealed Dividend income allowance
Fourth Schedule
Act No. 6 of 1984
Finance Act 1996
57. Repealed No set-off of tax
Finance Act 1996
82 BIR Note: Section 55A introduced by Finance Act, 1995
Subsections (1) (4) and (5) effective 29th March, 1995
Subsections (2) and (3) effective 1st January 1995
BIR Mac Edition 91/01 Page 86