Trinidad and Tobago Parliament - The Finance Act, 2013 · 2013-02-27 · ENACTED by the Parliament...

BILL

AN ACT to provide for the variation of certain duties andtaxes and to introduce provisions of a fiscal natureand for related matters

[Assented to 31st January, 2013]

ENACTED by the Parliament of Trinidad and Tobago asfollows:

Enactment

Third Session Tenth Parliament Republic ofTrinidad and Tobago

REPUBLIC OF TRINIDAD AND TOBAGO

Act No. 2 of 2013

[L.S.]

Legal Supplement Part A to the “Trinidad and Tobago Gazette”, Vol. 52,No. 22, 14th February, 2013

1. This Act may be cited as the Finance Act, 2013.

2. The Retiring Allowances (Legislative Service) Actis amended—

(a) in section 5, by deleting subsection(1A);

(b) in section 6, by deleting subsection(1A);

(c) in section 9—

(i) by deleting subsection (1)(a) andsubstituting the following paragraph:

“(a) is entitled to a retiringallowance; or”;

(ii) by deleting subparagraph (i) ofparagraph (b) and substituting thefollowing subparagraph:

“(i) he would have been entitled tounder paragraph (a)”; and

(iii) by deleting subsection (1A); and

(d) by deleting section 9A.

3. The Special Reserve Police Act is amended byinserting after section 17, the following section:

17A. Notwithstanding any otherprovision in this Act or in any otherwritten law, the President may by Order,grant a duty allowance to members of theSpecial Reserve Police.”.

4. The Registration of Clubs Act is amended byrepealing the Schedule and substituting the followingSchedule:

“SCHEDULETAXES PAYABLE ON GAMBLING TABLES

AND OTHER DEVICES

1. For every Bacarat Table $50,000.00 per annum

2. For every Black Jack Table $60,000.00 per annum

Chap. 15:03amended

Chap. 21:01amended

Chap. 2:03 amended

Short title

“Dutyallowance

6 No. 2 Finance 2013

3. For every Caribbean Stud $75,000.00 per annumPoker Table

4. For every Dice Table $35,000.00 per annum

5. For every regular $30,000.00 per annumPoker Table

6. For every Pool Table $2,000.00 per annum

7. For every Roulette Table $60,000.00 per annum

8. For every Rum 32 Table $75,000.00 per annum

9. For every Sip San Table $75,000.00 per annum

10. For every Slot Machine $12,000.00 per annum

11. For every other table or $30,000.00 per annum.”.device not mentioned above

5. The Litter Act is amended in section 24(9) bydeleting the words “fifty dollars” and substituting thewords “five hundred dollars”.

6. The National Insurance Act is amended—(a) in section 2—

(i) by deleting the words “one hundredand twenty dollars or more per week”occurring in the definition ofthe term “paid apprentice”, andsubstituting the words “one hundredand fifty dollars or more per weekfrom 4th March, 2013 to 2nd March,2014 and one hundred and eightydollars or more per week from3rd March, 2014”;

(ii) by deleting the definition of “unpaidapprentice” and substituting thefollowing definition:

“ “unpaid apprentice” means aperson who enters into acontract of apprenticeshipor training for whichremuneration is less than—(a) one hundred and twenty

dollars per week up to3rd March, 2013;

Chap. 30:52amended

Chap. 32:01amended

No. 2 Finance 2013 7

(b) one hundred and fiftydollars per week from4th March, 2013 to2nd March, 2014; or

(c) one hundred and eightydollars per week from3rd March, 2014,

is paid by the employer;”;

(b) in section 29—

(i) in subsection (2), by deletingparagraph (a) and substituting thefollowing paragraph:

“ (a) employment in respect ofwhich remuneration is lessthan—

(i) one hundred and twentydollars per week up to3rd March 2013;

(ii) one hundred and fiftydollars per week from4th March, 2013 to2nd March, 2014; or

(iii) one hundred and eightydollars per week from3rd March, 2014;”; and

(ii) by repealing subsection (3) andsubstituting the followingsubsection:

“ (3) N o t w i t h s t a n d i n gsubsection (2)(a), a person who isemployed on—

(a) 6th January, 2008 andcontinues in suchemployment on and after7th January, 2008 and


earns less than onehundred and twentydollars per week;

(b) 3rd March, 2013 andcontinues in suchemployment on and after4th March, 2013 and earnsless than one hundred andfifty dollars per week; or

(c) 2nd March, 2014 andcontinues in suchemployment on and after3rd March, 2014 andearns less than onehundred and eightydollars per week,

shall be regarded as an employedperson or an insured person forthe purposes of this Act and suchemployed person shall inaccordance with the Act, paycontribution as specified inClass 1 in the Second Schedule.”;

(c) in section 30, by inserting aftersubsection (1), the following subsection:

“(1A) Subject to subsection (1),where an employer is a limitedliability company and makes anapplication under subsection (1)for registration of itself and for itsemployees up to a maximum oftwenty employees, the Board shallregister the employer andemployees as the case may bewithin one working day from the

SecondSchedule


date of receipt of the applicationwhere the Board is satisfied thatthe application is in order.”; and

(d) in section 38(1), by deleting the words“and A6” and substituting the words“, A6, A7 and A8”;

(e) in section 41—

(i) in subsection (1), by deleting thewords “and A6” and substitutingthe words “, A6, A7 and A8”;

(ii) in subsection (2)—(A)in paragraph (e), by deleting

the word “and”;(B)in paragraph (f), by deleting

the full-stop and substitutingthe following words “to3rd March, 2013;”; and

(C)by inserting after paragraph (f),the following paragraphs:

(g) in Table A7 aree f f e c t i v e f r o m4th March, 2013 to2nd March, 2014; and

(h) in Table A8 aree f f e c t i v e f r o m3rd March, 2014.”;

(f) in section 54—

(i) in subsection (1)(a), by deleting theword “and” in the second placewhere it occurs;

(ii) in subsection (1)(b), by insertingafter the words “7th January,2008,” the words “up to 3rd March,2013;”; and

(iii) in subsection (1), by inserting after


paragraph (b), the followingparagraphs:(c) Tables A5, B5, C5 and D5 from

4th March, 2013 up to2nd March, 2014; and

(d) Tables A6, B6, C6 and D6 from3rd March, 2014,”;

(g) in section 54B—(i) in subsection (2), by deleting

the words “on or after7th January, 2008, andpayment is to commence onor after that day,” andsubstituting the words “duringthe period 7th January, 2008to 3rd March, 2013, andpayment is to commenceduring that period,”;

(ii) in subsection (3), by deletingthe words “on or after7th January, 2008 andpayment is to commence onor after that day,” andsubstituting the words “duringthe period 7th January, 2008to 3rd March, 2013 andpayment is to commenceduring that period,”;

(iii) in subsection (4), by deletingthe words “on or after7th January, 2008” andsubstituting the words “from7th January, 2008 to3rd March, 2013”;

(iv) in subsection (7), by deletingthe words “on or after7th January, 2008” andsubstituting the words “from


7th January, 2008 to3rd March, 2013”;

(v) in subsection (8), by deletingthe words “on or after7th January, 2008” andsubstituting the words “from7th January, 2008 to3rd March, 2013”;

(vi) in subsection (10), by deletingthe words “on or after7th January, 2008” andsubstituting the words “from7th January, 2008 to3rd March, 2013”;

(vii) in subsection (11), by insertingafter the words “7th January,2008” the words “to 3rd March,2013”;

(viii) in subsection (12), by insertingafter the words “7th January,2008” the words “to 3rd March,2013”;

(ix) in subsection (13), by insertingafter the words “7th January,2008” the words “to 3rd March,2013”; and

(x) in subsection (14), by insertingafter the words “7th January,2008” the words “to 3rd March,2013”;

(h) by inserting after section 54B, thefollowing sections:

54C. (1) An insured personwho is eligible to receive oris in receipt of sickness ormaternity benefit duringthe period 7th January,2008 to 3rd March, 2013

“Benefits inaccordancewith earningsclass from4th March,2013


and continues to receivethe benefit on or after4th March, 2013, shall bepaid at the rate of benefit inaccordance with Table A4 inthe Third Schedule.

(2) Where an insuredperson qualifies for retirementpension, invalidity pensionor survivor’s benefit duringthe period 4th March, 2013to 2nd March, 2014 andpayment is to commenceduring that period, the rateof contribution which is tobe used to determine theaverage rate in accordancewith section 54(2) of the Actshall, where contributions—

(a)were paid prior to11th August, 1980, beconverted to rates ineffect on 4th March,2013 in accordancewith Table C1(B) ofthe Second Schedule;

(b) were paid on or after11th August, 1980 to2nd May, 1999, beconverted to rates ineffect on 4th March,2013, in accordancewith Table C2(B) ofthe Second Schedule;and

(c) were paid on or after3rd May, 1999 to3rd March, 2013, beconverted to rates in


effect on 4th March,2013, in accordancewith Table C3(B) ofthe Second Schedule.

(3) Where an insuredperson qualifies for sicknessbenefit or maternity benefitduring the period4th March, 2013 to2nd March, 2014 andpayment is to commenceduring that period, the rateof contribution which is tobe used to determine theaverage rate in accordancewith section 54(2) of the Actshall, where contributionswere paid prior to4th March, 2013, beconverted in accordancewith the rates shown inTable C4(B) of the SecondSchedule.

(4) Persons who qualifyfor the receipt of retirementpension, invalidity pensionor survivor’s benefit from4th March, 2013 to 2nd March,2014, shall be paid—

(a) such benefit ina c c o rdance w i thPart I of Tables B5and C5 of the ThirdSchedule, effective4th March, 2013; and

(b) the increments tothose benefits and theincrements shall becalculated at the


increased rates inaccordance with Part IIof the Tables listed inparagraph (a).

(5) Persons who qualifyfor the receipt of retirementpension, invalidity pensionor survivor’s benefit prior to4th March, 2013, andcontinue to be eligible toreceive the benefit on orafter 4th March, 2013 shallbe paid increased benefits inaccordance with Tables B5and C5 from 4th March,2013 to 2nd March, 2014.

(6) Persons who qualifyfor the receipt of disablementpension or death benefitprior to 4th March, 2013and continue to be eligibleto receive the pension orbenefit on or after4th March, 2013, shall bepaid increased benefits inaccordance with Table D5 ofthe Third Schedule from4th March, 2013 to2nd March, 2014.

(7) Persons who qualifyfor injury benefit,disablement grants, medicalexpenses and constant careand attendance allowanceprior to 4th March, 2013and continue to be eligibleto receive such benefits onor after 4th March, 2013,shall be paid benefits in


accordance with Table D4of the Third Scheduleand the National Insurance(Employment Injury)(Payment of MedicalExpenses) Order, 1979.

(8) Persons who qualifyfor the receipt of injury,death or disablementpension on or after4th March, 2013, shall bepaid increased benefits inaccordance with Table D5 ofthe Third Schedule.

(9) Notwithstanding therates of benefit with respectto a surviving child shownin Tables C1, C2(A), C2(B),C3, C4, C5, C6, D1, D2, D3,D4, D5 and D6 of the ThirdSchedule, the Board shall,with effect from 4th March,2013, pay to a childqualifying for death orsurvivor’s benefit which isless than six hundreddollars monthly, death orsurvivor’s benefit, as thecase may be, in the sum ofsix hundred dollarsmonthly.

(10) Notwithstandingthe rates of benefit withrespect to an orphan shownin Tables C1, C2(A), C2(B),C3, C4, C5 and C6 of theThird Schedule, with effectfrom 4th March, 2013, theBoard shall pay to an

G.N.226/1979


orphan qualifying forsurvivor’s benefit which isless than twelve hundreddollars monthly, survivor’sbenefit in the sum of twelvehundred dollars monthly.

(11) Notwithstandingthe rates of benefit inrespect of widow’s pensionand widower’s pensionshown in Parts I and II ofTables C1, C2(A), C2(B), C3,C4, C5, C6, D1, D2, D3, D4,D5 and D6 of the ThirdSchedule, the Board shall,with effect from 4th March,2013, pay the sum of sixhundred dollars monthly, asa pension to each personqualifying for a widow’s orwidower’s pension of lessthan six hundred dollarsmonthly.

(12) Notwithstandingthe rates of benefit inrespect of parent’s pensionshown in Parts I and II ofTables C1, C2(A), C2(B), C3,C4, C5, C6, D1, D2, D3, D4,D5 and D6 of the ThirdSchedule, the Boardshall, with effect from4th March, 2013, pay thesum of three hundred dollarsmonthly, as a pension to eachperson qualifying for aparent’s pension of less thanthree hundred dollarsmonthly.


(13) Notwi thstandingsubsection (12), where oneparent of the deceasedinsured dies the survivngparent shall receive thetotal amount of six hundreddollars monthly as apension where the parentqualifies for less than sixhundred dollars monthly.

(14) In respect ofsurvivor’s benefit, subsec-tions (9), (10), (11) and (12)apply only where survivor’sbenefit was paid or ispayable in respect of adeceased insured personqualified for a retirementpension or invalidity benefitunder this Act.

54D.(1) An insured personwho is eligible to receive oris in receipt of sickness ormaternity benefit duringthe period 4th March, 2013to 2nd March, 2014 andcontinues to receive thebenefit on or after3rd March, 2014, shall bepaid at the rate of benefit inaccordance with Table A5 inthe Third Schedule.

(2) Where an insuredpersonqualifies for retirementpension, invalidity pensionor survivor’s benefit on orafter 3rd March, 2014 andpayment is to commence onor after that day, the rate ofcontribution which is tobe used to determine the


Sickness ormaternitybenefit from3rd March,2014

average rate in accordancewith section 54(2) of the Actshall, where contributions—

(a)were paid prior to11th August, 1980, beconverted to rates ineffect on 3rd March,2014, in accordancewith Table C1(C) ofthe Second Schedule;

(b) were paid on or after11th August, 1980 to2nd May, 1999, beconverted to rates ineffect on 3rd March,2014, in accordancewith Table C2(C) ofthe Second Schedule;and

(c) were paid on or after3rd May, 1999 to2nd March, 2014, beconverted to rates ineffect on 3rd March,2014, in accordancewith Table C3(C) ofthe Second Schedule.(3)Where an insured

person qualifies for sicknessbenefit or maternity benefiton or after 3rd March, 2014and payment is tocommence on or after thatday, the rate of contributionwhich is to be used todetermine the average rateinaccordancewithsection54(2)of the Act shall, wherecontributions were paid prior


to 3rd March, 2014, beconverted in accordance withthe rates shown inTable C4(C) of the SecondSchedule.

(4) Persons who qualifyfor the receipt of retirementpension, invalidity pensionor survivor’s benefit on orafter 3rd March, 2014 shallbe paid—

(a) such benefit inaccordance with Part Iof Tables B6 andC6 of the ThirdSchedule, effectivefrom 3rd March,2014; and

(b) the increments tothose benefits and theincrements shall becalculated at theincreased rates inaccordance with Part IIof the Tables listed inparagraph (a).

(5) Persons who qualifyfor the receipt of retirementpension, invalidity pensionor survivor’s benefit priorto 3rd March, 2014 andcontinue to be eligible toreceive the benefit on orafter 3rd March, 2014, shallbe paid increased benefits inaccordance with Tables B6and C6 of the ThirdSchedule.


(6) Persons who qualifyfor the receipt of disablementpension or death benefitprior to 3rd March, 2014and continue to be eligibleto receive the benefit on orafter 3rd March, 2014, shallbe paid increased benefits inaccordance with Table D6 ofthe Third Schedule from3rd March, 2014.

(7) Persons who qualifyfor injury benefit, disablementgrant, medical expensesand constant care andattendance allowance priorto 3rd March, 2014, andcontinue to be eligible toreceive such benefits on orafter 3rd March, 2014, shallbe paid benefits inaccordance with Table D5 ofthe Third Schedule andthe National Insurance(Employment Injury)(Payment of MedicalExpenses) Order, 1979.

(8) Persons who qualifyfor the receipt ofinjury, death or disablementpension on or after3rd March, 2014, shall bepaid increased benefits inaccordance with Table D6 ofthe Third Schedule.”;


(i) in the Second Schedule—

(i) by inserting after Table A6 thefollowing Tables:

“Table A7

Earnings classes and contributions from 4thMarch, 2013(based on a contribution rate of 11.7 per cent)

EarningsClass

WeeklyEarnings

MonthlyEarnings

AssumedAverageWeeklyEarnings

Employee'sWeekly

Contribution

Employer'sWeekly

Contribution

TotalWeekly

Contribution

Class ZWeekly

Class I 150.00 - 249.99 650.00-1082.99 200.00 7.80 15.60 23.40 1.17

Class II 250.00 - 329.99 1083.00-1429.99 290.00 11.31 22.62 33.93 1.70

Class III 330.00 - 449.99 1430.00-1949.99 390.00 15.21 30.42 45.63 2.28

Class IV 450.00 - 559.99 1950.00-2426.99 505.00 19.70 39.40 59.10 2.95

Class V 560.00 - 679.99 2427.00-2946.99 620.00 24.18 48.36 72.54 3.63

Class VI 680.00 - 819.99 2947.00-3552.99 750.00 29.25 58.50 87.75 4.39

Class VII 820.00 - 959.99 3553.00-4159.99 890.00 34.71 69.42 104.13 5.21

Class VIII 960.00 - 1099.99 4160.00-4766.99 1,030.00 40.17 80.34 120.51 6.03

Class IX 1100.00-1259.99 4767.00-5459.99 1,180.00 46.02 92.04 138.06 6.90

Class X 1260.00-1409.99 5460.00-6109.99 1,335.00 52.07 104.14 156.21 7.81

Class XI 1410.00-1569.99 6110.00-6802.99 1,490.00 58.11 116.22 174.33 8.72

Class XII 1570.00-1749.99 6803.00-7582.99 1,660.00 64.74 129.48 194.22 9.71

Class XIII 1750.00-1929.99 7583.00-8362.99 1,840.00 71.76 143.52 215.28 10.76

Class XIV 1930.00-2149.99 8363.00-9316.99 2,040.00 79.56 159.12 238.68 11.93

Class XV 2150.00-2307.99 9317.00-9999.99 2,229.00 86.93 173.86 260.79 13.04

Class XVI 2308.00andover 10000andover 2,308.00 90.01 180.02 270.03 13.50


Table A8

Earnings classes and contributions from 3rd March, 2014(based on a contribution rate of 12.0 percent)

EarningsClass

WeeklyEarnings

MonthlyEarnings

AssumedAverageWeeklyEarnings

Employee'sWeekly

Contribution

Employer'sWeekly

Contribution

TotalWeekly

Contribution

Class ZWeekly

I 180.00 - 299.99 780.00-1299.99 240.00 9.60 19.20 28.80 1.44

II 300.00 - 399.99 1300.00-1732.99 350.00 14.00 28.00 42.00 2.10

III 400.00 - 539.99 1733.00-2339.99 470.00 18.80 37.60 56.40 2.82

IV 540.00 - 669.99 2340.00-2902.99 605.00 24.20 48.40 72.60 3.63

V 670.00 - 819.99 2903.00-3552.99 745.00 29.80 59.60 89.40 4.47

VI 820.00 - 989.99 3553.00-4289.99 905.00 36.20 72.40 108.60 5.43

VII 990.00 - 1149.99 4290.00-4982.99 1,070.00 42.80 85.60 128.40 6.42

VIII 1150.00-1319.99 4983.00-5719.99 1,235.00 49.40 98.80 148.20 7.41

IX 1320.00-1509.99 5720.00-6542.99 1,415.00 56.60 113.20 169.80 8.49

X 1510.00-1689.99 6543.00-7322.99 1,600.00 64.00 128.00 192.00 9.60

XI 1690.00-1889.99 7323.00-8189.99 1,790.00 71.60 143.20 214.80 10.74

XII 1890.00-2099.99 8190.00-9099.99 1,995.00 79.80 159.60 239.40 11.97

XIII 2100.00-2319.99 9100.00-10052.99 2,210.00 88.40 176.80 265.20 13.26

XIV 2320.00-2579.99 10053.00-11179.99 2,450.00 98.00 196.00 294.00 14.70

XV 2580.00-2769.99 11180.00-11999.99 2,675.00 107.00 214.00 321.00 16.05

XVI 2770.00andover 12000andover 2,770.00 110.80 221.60 332.40 16.62


(ii) by inserting after Table C1(A),the following Table:

“Table C1(B)

Conversion Rates: Earnings Prior to 11th August, 1980

Earnings Class prior to 11th August, 1980 Earnings Class after 4thMarch, 2013I III IIII IIV IV IVI IVII IIVIII III”;

(iii) by inserting after Table C2(A),the following Table:

“Table C2(B)

ConversionRates:Earnings from11thAugust, 1980 to2ndMay, 1999

Earnings Class from 11th August, 1980 Earnings Class after 4th March,to 2ndMay, 1999 2013

I III IIII IIV IV IIVI IIIVII IVVIII V”;


(iv) by inserting after Table C3(A),the following Table:

“Table C3(B)

ConversionRates: Earnings from3rdMay, 1999 to 3rdMarch, 2013

Earnings Class from 3rd May, 1999 Earnings Class after 4th March,to 3rd March 2013 2013

I III IIIII IIIIV IVV VVI VIVII VIIVIII VIIIIX IXX XXI XIXII XII”;

(v) by inserting after Table C4(A),the following Table:

“Table C4(B)

Conversion Rates: Earnings Prior to 4th March, 2013

Earnings Class before 4thMarch, 2013 (Joint weekly) Contribution Value onor after 4th March, 2013

I 18.72II 27.50III 36.86IV 47.39V 58.50VI 70.79VII 83.66VIII 96.53IX 110.57X 125.19XI 139.82XII 155.61XIII 172.58XIV 191.30XV 212.71XVI 224.06”;


(vi) by inserting after Table C5(A),the following Table:

“Table C5(B)

Conversion Rates: Earnings Prior to 4th March, 2013

Earnings Class before 4th March, Earnings Class on or after2013 4th March, 2013I III IIIII IIIIV IVV VVI VIVII VIIVIII VIIIIX IXX XXI XIXII XIIXIII XIIIXIV XIVXV XVXVI XVI”;

(vii) by insertingafterTableC1(B), thefollowing Table:

“Table C1(C)

Conversion Rates: Earnings Prior to 11th August, 1980

Earnings Class prior to Earnings Class on or11th August, 1980 after 3rd March, 2014

I III IIII IIV IV IVI IVII IIVIII III”;


(viii) by inserting after Table C2(B),the following Table:

“Table C2(C)

ConversionRates:Earnings from11thAugust, 1980 to2ndMay, 1999

Earnings Class from 11th August, Earnings Class on or after1980 to 2nd May, 1999 3rd March, 2014

I III IIII IIV IV IIVI IIIVII IVVIII V”;

(ix) by insertingafterTableC3(B), thefollowing Table:

“Table C3(C)

ConversionRates: Earnings from3rdMay, 1999 to 2ndMarch, 2014

Earnings Class from 3rd May, 1999 Earnings Class on or afterto 2nd March, 2014 3rd March, 2014

I III IIIII IIIIV IVV VVI VIVII VIIVIII VIIIIX IXX XXI XIXII XII”;


(x) by insertingafterTableC4(B), thefollowing Table:

“Table C4(C)

Conversion Rates: Earnings Prior to 3rd March, 2014

Earnings Class before 3rd March, 2014 (Joint Weekly)Contribution Value on or after

3rd March, 2014I 24.00II 34.80III 46.80IV 60.60V 74.40VI 90.00VII 106.80VIII 123.60IX 141.60X 160.20XI 178.80XII 199.20XIII 220.80XIV 244.80XV 267.48XVI 276.96”;

(xi) by insertingafterTableC5(B), thefollowing Table:

“Table C5(C)Conversion Rates: Earnings Prior to 3rd March, 2014

Earnings Class before 3rd March, 2014 Earnings class on or after 3rd March,2014

I III IIIII IIIIV IVV VVI VIVII VIIVIII VIIIIX IXX XXI XIXII XIIXIII XIIIXIV XIVV V

XVI XVI”; and


(j) in the Third Schedule:—

(i) by inserting after Table A4, thefollowing Tables:

“Table A5

Sickness and Maternity Benefit Rates 2013

Earnings Class Daily Benefit Weekly Benefit

Class I 17.14 120.00

Class II 24.86 174.00Class III 33.43 234.00

Class IV 43.29 303.00Class V 53.14 372.00Class VI 64.29 450.00Class VII 76.29 534.00Class VIII 88.29 618.00Class IX 101.14 708.00Class X 114.43 801.00Class XI 127.71 894.00Class XII 142.29 996.00Class XIII 157.71 1,104.00Class XIV 174.86 1,224.00Class XV 191.06 1,337.40Class XVI 197.83 1,384.80


Table A6

Sickness and Maternity Benefit Rates 2014

Earnings Class Daily Benefit Weekly BenefitClass I 20.57 144.00Class II 30.00 210.00Class III 40.29 282.00Class IV 51.86 363.00Class V 63.86 447.00Class VI 77.57 543.00Class VII 91.71 642.00Class VIII 105.86 741.00Class IX 121.29 849.00Class X 137.14 960.00Class XI 153.43 1,074.00Class XII 171.00 1,197.00Class XIII 189.43 1,326.00Class XIV 210.00 1,470.00Class XV 229.29 1,605.00Class XVI 237.43 1,662.00”;

(ii) by inserting after Table B4,Part II, the following Tables:“Table B5

Part IBasic Retirement and Invalidity Rates 2013

Earnings Class New BasicPension (Weekly)

New BasicPension (Monthly)

Class I

Class II

Class III

Class IV

Class V

Class VI

Class VII

Class VIII

Class IX

Class X

Class XI

Class XII

Class XIII

Class XIV

Class XV

Class XVI

96.88

124.33

147.77

172.01

192.20

227.70

269.15

310.60

354.19

400.31

446.44

495.12

548.94

608.61

664.99

688.56

419.79

538.76

640.32

745.38

832.87

986.71

1,166.33

1,345.92

1,534.81

1,734.69

1,934.57

2,145.51

2,378.74

2,637.30

2,881.44

2,983.76


Table B5

Part II

Rates of Increment Retirement and Invalidity Pension 2013

Earnings Class New Increment(Weekly)

New Increment(Monthly)

Class I

Class II

Class III

Class IV

Class V

Class VI

Class VII

Class VIII

Class IX

Class X

Class XI

Class XII

Class XIII

Class XIV

Class XV

Class XVI

1.41

1.95

2.48

3.02

3.53

4.29

5.04

5.84

6.64

7.55

8.39

9.35

10.37

11.49

12.56

13.00

6.11

8.45

10.75

13.09

15.30

18.59

21.84

25.31

28.77

32.72

36.36

40.52

44.94

49.79

54.43

56.33”;


(iii) by inserting after Table C4,Part II, the following Tables:

Ear

nin

gsCla

ssW

idow

/W

idow

erW

idow

/W

idow

erDep

enda

ntOrp

han

Dep

enda

ntPar

ents

Child

Child

Dep

enda

nt

Par

ents

Dep

enda

nt

Orp

han

Cla

ssI

Cla

ssII

Cla

ssII

ICla

ssIV

Cla

ssV

Cla

ssVI

Cla

ssVII

Cla

ssVII

ICla

ssIX

Cla

ssX

Cla

ssXI

Cla

ssXII

Cla

ssXII

ICla

ssXIV

Cla

ssXV

Cla

ssXVI

57.2

373

.81

87.6

210

2.90

115.

3213

6.35

160.

6518

4.96

211.

4023

9.08

266.

7529

7.15

329.

3736

5.17

399.

0041

3.14

28.6

136

.91

43.8

251

.45

57.6

668

.18

80.3

492

.49

105.

7011

9.54

133.

3914

8.58

164.

6818

2.58

199.

5020

6.56

28.6

136

.91

43.8

251

.45

57.6

668

.18

80.3

492

.49

105.

7011

9.54

133.

3914

8.58

164.

6818

2.58

199.

5020

6.56

57.2

373

.81

87.6

210

2.90

115.

3213

6.35

160.

6518

4.96

211.

4023

9.08

266.

7529

7.15

329.

3736

5.17

399.

0041

3.14

248.

0031

9.84

379.

6944

5.90

499.

7259

0.85

696.

1580

1.49

916.

071,

036.

011,

155.

921,

287.

651,

427.

271,

582.

401,

729.

001,

790.

27

123.

9815

9.94

189.

8922

2.95

249.

8629

5.45

348.

1440

0.79

458.

0351

8.01

578.

0264

3.85

713.

6179

1.18

864.

5089

5.09

123.

9815

9.94

189.

8922

2.95

249.

8629

5.45

348.

1440

0.79

458.

0351

8.01

578.

0264

3.85

713.

6179

1.18

864.

5089

5.09

248.

0031

9.84

379.

6944

5.90

499.

7259

0.85

696.

1580

1.49

916.

071,

036.

011,

155.

921,

287.

651,

427.

271,

582.

401,

729.

001,

790.

27

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Ben

efit

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Ben

efit

“TableC5

PartI

BasicSurvivorPensionRates2013


TableC5

PartII

RatesofIncrementBasicSurvivorPension

2013

Ear

nin

gsCla

ssW

idow

/W

idow

erW

idow

/W

idow

erDep

enda

ntOrp

han

Dep

enda

ntPar

ents

Child

Child

Dep

enda

nt

Par

ents

Dep

enda

nt

Orp

han

Cla

ssI

Cla

ssII

Cla

ssII

ICla

ssIV

Cla

ssV

Cla

ssVI

Cla

ssVII

Cla

ssVII

ICla

ssIX

Cla

ssX

Cla

ssXI

Cla

ssXII

Cla

ssXII

ICla

ssXIV

Cla

ssXV

Cla

ssXVI

0.86

1.17

1.50

1.82

2.12

2.58

3.04

3.52

4.00

4.53

5.05

5.62

6.22

6.90

7.53

7.80

0.43

0.59

0.76

0.92

1.07

1.30

1.52

1.76

2.00

2.27

2.53

2.81

3.11

3.44

3.77

3.90

0.43

0.59

0.76

0.92

1.07

1.30

1.52

1.76

2.00

2.27

2.53

2.81

3.11

3.44

3.77

3.90

0.86

1.17

1.50

1.82

2.12

2.58

3.04

3.52

4.00

4.53

5.05

5.62

6.22

6.90

7.53

7.80

3.73

5.07

6.50

7.89

9.19

11.1

813

.17

15.2

517

.33

19.6

321

.88

24.3

526

.95

29.9

032

.63

33.8

0

1.86

2.56

3.29

3.99

4.64

5.63

6.59

7.63

8.67

9.84

10.9

612

.18

13.4

814

.91

16.3

416

.90

1.86

2.56

3.29

3.99

4.64

5.63

6.59

7.63

8.67

9.84

10.9

612

.18

13.4

814

.91

16.3

416

.90

3.73

5.07

6.50

7.89

9.19

11.1

813

.17

15.2

517

.33

19.6

321

.88

24.3

526

.95

29.9

032

.63

33.8

0

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efit

Mon

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Ben

efit


TableC6

PartI

BasicSurvivorPension2014

Ear

nin

gsCla

ssW

idow

/W

idow

erW

idow

/W

idow

erDep

enda

ntOrp

han

Dep

enda

ntPar

ents

Child

Child

Dep

enda

nt

Par

ents

Dep

enda

nt

Orp

han

Cla

ssI

Cla

ssII

Cla

ssII

ICla

ssIV

Cla

ssV

Cla

ssVI

Cla

ssVII

Cla

ssVII

ICla

ssIX

Cla

ssX

Cla

ssXI

Cla

ssXII

Cla

ssXII

ICla

ssXIV

Cla

ssXV

Cla

ssXVI

68.6

789

.08

105.

5912

3.27

138.

5716

4.53

193.

1422

1.78

253.

5028

6.53

320.

4635

7.12

395.

6043

8.56

478.

8449

5.84

34.3

444

.55

52.8

061

.64

69.2

982

.27

96.5

811

0.90

126.

7514

3.27

160.

2517

8.56

197.

7921

9.27

239.

4224

7.91

34.3

444

.55

52.8

061

.64

69.2

982

.27

96.5

811

0.90

126.

7514

3.27

160.

2517

8.56

197.

7921

9.27

239.

4224

7.91

68.6

789

.08

105.

5912

3.27

138.

5716

4.53

193.

1422

1.78

253.

5028

6.53

320.

4635

7.12

395.

6043

8.56

478.

8449

5.84

297.

5738

6.01

457.

5653

4.17

600.

4771

2.96

836.

9496

1.05

1,09

8.50

1,24

1.63

1,38

8.66

1,54

7.52

1,71

4.27

1,90

0.43

2,07

4.97

2,14

8.64

148.

8119

3.05

228.

8026

7.11

300.

2635

6.50

418.

5148

0.57

549.

2562

0.84

694.

4277

3.76

857.

0995

0.17

1,03

7.49

1,07

4.28

148.

8119

3.05

228.

8026

7.11

300.

2635

6.50

418.

5148

0.57

549.

2562

0.84

694.

4277

3.76

857.

0995

0.17

1,03

7.49

1,07

4.28

297.

5738

6.01

457.

5653

4.17

600.

4771

2.96

836.

9496

1.05

1,09

8.50

1,24

1.63

1,38

8.66

1,54

7.52

1,71

4.27

1,90

0.43

2,07

4.97

2,14

8.64

Wee

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Ben

efit

Mon

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Ben

efit


TableC6

PartII

RatesofIncrementBasicSurvivorPension

2014

Ear

nin

gsCla

ssW

idow

/W

idow

erW

idow

/W

idow

erDep

enda

ntOrp

han

Dep

enda

ntPar

ents

Child

Child

Dep

enda

nt

Par

ents

Dep

enda

nt

Orp

han

Cla

ssI

Cla

ssII

Cla

ssII

ICla

ssIV

Cla

ssV

Cla

ssVI

Cla

ssVII

Cla

ssVII

ICla

ssIX

Cla

ssX

Cla

ssXI

Cla

ssXII

Cla

ssXII

ICla

ssXIV

Cla

ssXV

Cla

ssXVI

1.04

1.41

1.81

2.18

2.55

3.11

3.65

4.22

4.79

5.43

6.07

6.75

7.48

8.29

9.04

9.36

0.51

0.71

0.91

1.11

1.28

1.57

1.83

2.11

2.40

2.72

3.04

3.38

3.73

4.14

4.52

4.69

0.51

0.71

0.91

1.11

1.28

1.57

1.83

2.11

2.40

2.72

3.04

3.38

3.73

4.14

4.52

4.69

1.04

1.41

1.81

2.18

2.55

3.11

3.65

4.22

4.79

5.43

6.07

6.75

7.48

8.29

9.04

9.36

4.51

6.11

7.84

9.45

11.0

513

.48

15.8

218

.29

20.7

623

.53

26.3

029

.25

32.4

135

.92

39.1

740

.56

2.21

3.08

3.94

4.81

5.55

6.80

7.93

9.14

10.4

011

.79

13.1

714

.65

16.1

617

.94

19.5

920

.32

2.21

3.08

3.94

4.81

5.55

6.80

7.93

9.14

10.4

011

.79

13.1

714

.65

16.1

617

.94

19.5

920

.32

4.51

6.11

7.84

9.45

11.0

513

.48

15.8

218

.29

20.7

623

.53

26.3

029

.25

32.4

135

.92

39.1

740

.56”

;

Wee

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Ben

efit

Mon

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Ben

efit


(iv) by inserting after Table D4,the following Tables:

TableD5

Employm

entInjury/DeathBenefit2013

Ear

nin

gsCla

ssIn

jury

Pen

sion

Wee

kly

Pay

men

ts

Wee

kly

Dep

ende

nt

Child

Mon

thly

Widow

/W

idow

er

Wee

kly

Widow

/W

idow

er

Inju

ryPen

sion

Mon

thly

Pay

men

ts

Mon

thly

Dep

ende

nt

Child

Wee

kly

Dep

ende

nt

Par

ent

Mon

thly

Dep

ende

nt

Par

ent

Cla

ssI

Cla

ssII

Cla

ssII

ICla

ssIV

Cla

ssV

Cla

ssVI

Cla

ssVII

Cla

ssVII

ICla

ssIX

Cla

ssX

Cla

ssXI

Cla

ssXII

Cla

ssXII

ICla

ssXIV

Cla

ssXV

Cla

ssXVI

133.

3319

3.33

260.

0033

6.67

413.

3350

0.00

593.

3368

6.67

786.

6789

0.00

993.

331,

106.

671,

226.

671,

360.

001,

486.

001,

538.

67

577.

7683

7.76

1,12

6.67

1,45

8.90

1,79

1.10

2,16

6.67

2,57

1.10

2,97

5.57

3,40

8.90

3,85

6.67

4,30

4.43

4,79

5.57

5,31

5.57

5,89

3.33

6,43

9.33

6,66

7.57

80.0

011

6.00

156.

0020

2.00

248.

0030

0.00

356.

0041

2.00

472.

0053

4.00

596.

0066

4.00

736.

0081

6.00

891.

6092

3.20

346.

6750

2.67

676.

0087

5.33

1,07

4.67

1,30

0.00

1,54

2.67

1,78

5.33

2,04

5.33

2,31

4.00

2,58

2.67

2,87

7.33

3,18

9.33

3,53

6.00

3,86

3.60

4,00

0.53

40.0

058

.00

78.0

010

1.00

124.

0015

0.00

178.

0020

6.00

236.

0026

7.00

298.

0033

2.00

368.

0040

8.00

445.

8046

1.60

173.

3325

1.33

338.

0043

7.67

537.

3365

0.00

771.

3389

2.67

1,02

2.67

1,15

7.00

1,29

1.33

1,43

8.67

1,59

4.67

1,76

8.00

1,93

1.80

2,00

0.27

40.0

058

.00

78.0

010

1.00

124.

0015

0.00

178.

0020

6.00

236.

0026

7.00

298.

0033

2.00

368.

0040

8.00

445.

8046

1.60

173.

3325

1.33

338.

0043

7.67

537.

3365

0.00

771.

3389

2.67

1,02

2.67

1,15

7.00

1,29

1.33

1,43

8.67

1,59

4.67

1,76

8.00

1,93

1.80

2,00

0.27

Dea

thBen

efit

Wee

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and

Mon

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Ben

efit


7. The Public Assistance Act is amended insection 11A(3) by deleting the words “one thousandthree hundred dollars” and substituting the words “onethousand five hundred dollars”.

TableD6

EmploymentInjury/DeathBenefit2014

Ear

nin

gsCla

ssIn

jury

Pen

sion

Wee

kly

Pay

men

ts

Wee

kly

Dep

ende

nt

Child

Mon

thly

Widow

/W

idow

er

Wee

kly

Widow

/W

idow

er

Inju

ryPen

sion

Mon

thly

Pay

men

ts

Mon

thly

Dep

ende

nt

Child

Wee

kly

Dep

ende

nt

Par

ent

Mon

thly

Dep

ende

nt

Par

ent

Cla

ssI

Cla

ssII

Cla

ssII

ICla

ssIV

Cla

ssV

Cla

ssVI

Cla

ssVII

Cla

ssVII

ICla

ssIX

Cla

ssX

Cla

ssXI

Cla

ssXII

Cla

ssXII

ICla

ssXIV

Cla

ssXV

Cla

ssXVI

160.

0023

3.33

313.

3340

3.33

496.

6760

3.33

713.

3382

3.33

943.

331,

066.

671,

193.

331,

330.

001,

473.

331,

633.

331,

783.

331,

846.

67

693.

331,

011.

101,

357.

761,

747.

762,

152.

242,

614.

433,

091.

103,

567.

764,

087.

764,

622.

245,

171.

105,

763.

336,

384.

437,

077.

767,

727.

768,

002.

24

96.0

014

0.00

188.

0024

2.00

298.

0036

2.00

428.

0049

4.00

566.

0064

0.00

716.

0079

8.00

884.

0098

0.00

1,07

0.00

1,10

8.00

416.

0060

6.67

814.

671,

048.

671,

291.

331,

568.

671,

854.

672,

140.

672,

452.

672,

773.

333,

102.

673,

458.

003,

830.

674,

246.

674,

636.

674,

801.

33

48.0

070

.00

94.0

012

1.00

149.

0018

1.00

214.

0024

7.00

283.

0032

0.00

358.

0039

9.00

442.

0049

0.00

535.

0055

4.00

208.

0030

3.33

407.

3352

4.33

645.

6778

4.33

927.

331,

070.

331,

226.

331,

386.

671,

551.

331,

729.

001,

915.

332,

123.

332,

318.

332,

400.

67

48.0

070

.00

94.0

012

1.00

149.

0018

1.00

214.

0024

7.00

283.

0032

0.00

358.

0039

9.00

442.

0049

0.00

535.

0055

4.00

208.

0030

3.33

407.

3352

4.33

645.

6778

4.33

927.

331,

070.

331,

226.

331,

386.

671,

551.

331,

729.

001,

915.

332,

123.

332,

318.

332,

400.

67”.

Dea

thBen

efit

Wee

kly

and

Mon

thly

Ben

efit

Chap. 32:03 amended


8. The Motor Vehicles and Road Traffic Act isamended—

(a) in section 2, in the definition of “hiring car”and “taxi”, by deleting the word “six” andsubstituting the word “eight”;

(b) in section 58(1), by deleting paragraph (a)and substituting the following paragraphs:

“(a) five years from the date of issue, whereon such date the holder of the permithas not yet attained the age ofsixty-one years;

(aa) five years or ten years from the date ofrenewal, where on such date theholder of the permit has not yetattained the age of fifty-six years;

(ab) five years from the date of renewal,where on such date the holder of thepermit has attained the age of fifty-sixyears but has not yet attained the ageof sixty-one years;”;

(c) in the First Schedule, by inserting afteritem (7)(a), the following item:

“(aa) ten-year permit…….1000.00”; and(d) in the Fourth Schedule, Appendix A—

(i) in Part I, by inserting after clause (6),the following clauses:

“ (7) Motor Cycles:

(a) Engine size not exceeding250cc ... ... ... ... ... ... 1.50 per cc

(b) Engine size exceeding250 cc ... ... ... ... ... ... 2.00 per cc

(8) Private School Buses:


Chap. 48:50 amended


(b) Engine size exceeding2499cc ... ... ... ... ... ... 8.00 per cc

(9) Motor Omnibuses:


(b) Engine size exceeding2499cc but not exceeding3499cc ... ... ... ... ... ... 8.00 per cc

(c) Engine size exceeding3499cc ... ... ... 12.00 per cc.; and

(ii) in Part II, by deleting item 1(a) andsubstituting the following items:

“ 1 (a) A returning national ofTrinidad and Tobago who returns toTrinidad and Tobago to residepermanently after residing abroad fora continuous period of not less thanfive years, where he imports a vehicleof a class or description set out initem 1 in Part 1 of this Appendix, shallbe entitled to full relief from motorvehicles tax.

1(aa) Notwithstanding item 1(a),where a transfer of ownership of themotor vehicle occurs within two yearsof the date of its importation intoTrinidad and Tobago, there shallbecome immediately due and payableby the transferor, the motor vehiclestax which would have been payablehad the relief not been granted.

1 (ab) For the purposes of this Part,residing abroad for a continuousperiod of not less than five years shallnot be affected by temporary visits toTrinidad and Tobago for periods notexceeding three months.”.


9. The Income Tax Act is amended—(a) in section 8(1)—

(i) in paragraph (v), in subparagraph (i),by deleting all the words appearingafter the words “Financial InstitutionsAct”, and substituting the words “or bysuch other trust approved by thePresident where the profits of suchtrust are exempt from corporation tax”;

(ii) by inserting after paragraph (v), thefollowing paragraph:

“(va) the income or dividendsdistributed to resident unit holdersof the CLICO Investment Fund(CIF);”;

(iii) in paragraph (z), by deleting the fullstop and substituting a semicolon; and

(iv) by inserting after paragraph (z), thefollowing paragraph:

“(aa)with effect from 1st October 2012,the duty allowance paid to amember of the Special ReservePolice.” ;

(b) in section 11B(6), by deleting paragraph (c);(c) in section 43—

(i) in subsection (1)—

(A) in paragraph (h), by deleting thesemicolon at the end of theparagraph and inserting thewords “but not later than1st February, 2013; and”; and

(B) by inserting after paragraph (h)the following paragraph:

“(i) one million five hundredthousand dollars where

Chap. 75:01 amended


construction commenced after1st February, 2013.”; and

(ii) in subsection (3)—

(A) by deleting the full stop at the endof the paragraph and inserting thewords “but not later than1st February, 2013; and” ; and

(B) by inserting after paragraph (h)the following paragraph:

“(i) one million five hundredthousand dollars where therepairs, alterations orimprovements were madeafter 1st February, 2013.”; and

(d) by inserting after section 45B, thefollowing sections:

“ 45C. (1) Notwithstanding any of theprovisions of this Act, there shall beexempt from income tax until the yearending 31st December, 2015, the gains orprofits derived from the initial sale of aresidential house site, being part of a landdevelopment project, provided the owner ofthe land produces a certificate from theMinister with responsibility for housing insupport of the claim for exemption.

(2) The certificate referred to insubsection (1) shall certify that—

(a) the land development projectcommenced on or after1st October, 2012;

(b) the proceeds of the initial saleof a residential house site inthe land development projectwere received on or before31st December, 2015; and


(c) the residential land developmentproject has satisfied therequirements for developmentplanning standards for roads,drainage and utilities.

(3) Sections 10, 11 and 12 haveeffect in relation to the gains or profitsreferred to in this section as ifsection 45C had not been enacted.

45D. (1) Notwithstanding any of theprovisions of this Act, there shall beexempt from income tax until the yearending 31st December, 2017—

(a) subject to subsection (2),premiums and rents derivedfrom the letting of anewly-constructed commercialbuilding or multi-storey carpark, the construction of whichcommenced on or after1st October, 2012; and

(b) gains or profits from the initialsale of such newly-constructedcommercial building ormulti-storey car park, theconstruction of whichcommenced on or after1st October, 2012,

provided the owner of the building orcar-park produces a certificate fromthe Minister with responsibility forhousing in support of the claim forexemption.

(2)The certificate referred to insubsection (1) shall certify—

(a) in the case of the sale ofthe completed commercial


building or multi-storey carpark—(i) the date of commencement

of the construction of thecommercial building ormulti-storey car park;

(ii) the date of the initial saleof the completed commercialbuilding or multi-storeycar park; and

(iii) that the commercial buildingor multi-storey car parkhassatisfied the requirementsfor development planningstandards, or

(b) in the case of the letting of thecompleted commercial building ormulti-storey car park—(i) the date of commencement

of the construction of thecommercial building ormulti-storey car park;

(ii) the date of the letting ofthe completed commercialbuilding or multi-storey carpark; and

(iii) that the commercial buildingor multi-storey carpark has satisfied therequirements for developmentplanning standards.

(3) Sections 10, 11 and 12 haveeffect in relation to the gains or profitsreferred to in this section as ifsection 45D had not been enacted.”;and

(e) in section 76A, by inserting after sub-section (1), the following subsection:

“ (1A) Where an application is made by aperson for a B.I.R. file number, the Boardshall, within one working day after the


date of receipt of the application issue aB.I.R. file number to the person.”.

10. The Corporation Tax Act is amended—(a) in section 3A(2)(f), by deleting the words

“two hundred thousand dollars” andsubstituting the words “three hundred andsixty thousand dollars”;

(b) in section 6(1)—

(i) by deleting paragraph (w) andsubstituting the following paragraph:

“(w) With effect from the 1st January,1994 profits accruing to a trustin respect of its Unit Trustbusiness, being business of afinancial nature as defined in theFinancial Institutions Act, wherethe trustee is a financialinstitution licensed under theFinancial Institutions Act or tosuch other trust approved by thePresident where such trust sellsshares representing interests inthe assets of the trust tobeneficiaries under the trust.”;

(ii) by deleting paragraph (y)(i) andsubstituting the following subparagraph:

“ (i) by a trust operated by afinancial institution carrying onUnit Trust business under theFinancial Institutions Act, or by suchother trust approved by the Presidentwhere the profits of such trust areexempt from corporation tax.”;

(iii) in paragraph (z), by deleting the fullstop and substituting the words “; and”;and

Chap. 75:02 amended


(iv) by inserting after paragraph (z), thefollowing paragraphs:

“ (za) the profits of the CLICOInvestment Fund (CIF); and

(zb) the income or dividendsdistributed to resident unitholders of the CLICOInvestment Fund (CIF)”;

(c) by inserting after section 10D, the followingsection:

“ 10E. In computing for the purposes ofcorporation tax the profits of a companyfor a year of income, there shall beallowed expenses reasonably incurredin the training and retraining of theemployees of the company up to onehundred and fifty per cent of suchexpenditure.”;

(d) in sections 10G(1), 10I, 10J and 10K, bydeleting the words “two million dollars” andsubstituting the words “three milliondollars”, wherever they occur;

(e) in section 10L(1), by deleting the words“and 10J shall not exceed the sum oftwo million dollars.” and substituting thewords “10J and 10Q shall not exceed thesum of three million dollars.”; and

(f) by inserting after section 10P, the followingsection:

10Q. Subject to section 10L,where in a year of incomecommencing from the year 2013, acompany incurs expenditure inpromoting the fashion industry,there shall be allowed as adeduction, in ascertaining thechargeable profits of the companyfor that year of income, anallowance equal to one hundredand fifty per cent of the actual

“Deductionsof expenditurefor sponsorsof fashionindustry


expenditure incurred in respect ofsuch promotions up to amaximum of three milliondollars.”.

11. The Petroleum Taxes Act is amended—(a) in section 15, by inserting after sub-

section (1D), the following subsections:

“ (1E) In computing the taxableprofits of a person who incurs capitalexpenditure in respect of the drillingof exploration wells in deep horizonon land or in shallow marine area,that person shall be grantedcapital allowances on his explorationexpenditure calculated by reference toan amount equal to one hundred andforty per cent of such expenditure.

(1F) Subsection (1E) shall onlyapply where—

(a) exploration work in respect ofthe drilling of the wells in deephorizon has been certifiedin writing by the Ministerto whom responsibility forpetroleum is assigned; and

(b) exploration expenditure isincurred from January 1st,2013 to December 31st, 2017,

but shall not apply to expenditureincurred in respect of an explorationdry-hole, finance, administrative andother indirect costs.

(1G) In subsection (1F) “explorationwells in deep horizon” means anyexploration wells drilled at and beyonda true vertical depth (TVD) of 8,000feet on land or 12,000 feet in shallowmarine area.”;

Chap. 75:04 amended


(b) in Part A of the Third Schedule—

(i) in clause 2—

(A) in paragraph (b), by deleting thewords “prior to 1st January, 1988”;

(B) by deleting paragraphs (c) and (ca)and substituting the followingparagraph:

“(c) where the weighted averagecrude oil price is betweenU.S. $90.01 and U.S. $200.00per barrel, the tax ischargeable under Column “A”of Part “B” at rates based onthe following sliding scale:

SPT rate = base SPT rate+ 0.2% (P-U.S. $90.00)Base SPT rate = Marine“A”– 33%SPT = supplementalpetroleum taxP = weighted averagecrude oil price in USD;”;

(C) by deleting paragraphs (d) and (e);and

(ii) by inserting after clause 6, the followingclause:

6A. (1) The tax chargeablein respect ofpetroleumoperationsin a new field in shallowmarine areas is herebycomputed and fixed as follows:

(a)where the weightedaverage crude oil priceis U.S. $50.00 perbarrel or less, no tax ischargeable;

“Rates inrespect ofnew fielddevelopment


(b) where a personcarries out petroleumoperations in anew field under alicence, sub-licence orcontract, the tax ischargeable at therates set out inColumn “B” of Part B;

(c) where the weightedaverage crude oil priceis between U.S.$90.01 and U.S.$200.00 per barrel,the tax is chargeableunder Column “B” ofPart B at rates basedon the followingsliding scale:

SPT rate = base SPTrate + 0.2% (P-U.S.$90.00)

Base SPT rate =Column “B” NewField Development—25%

SPT = supplementalpetroleum tax

P = weighted averagecrude oil price inUSD.

(2) Subclause (1) shallapply in respect of new fieldsin shallow marine areas thathave been approved and


certified for developmentby the Minister to whomresponsibility for petroleumhas been assigned.

(3) For the purposes ofthis Part, “new field” meansan area within the licence,sub-licence or contract area,consisting of a petroleumreservoir or multiplepetroleum reservoirs, allgrouped on or related to thesame individual geologicalstructural feature orstratigraphic conditions—

(a) from which petroleummay be produced andwhere the totalrecoverable reservesare not more than50 million barrels ofoil equivalent; and

(b) that comes intoproduction after1st January, 2013.”; and

(c) where recoverablereserves are certifiedby the Minister withresponsibility forpetroleum before thecommencement ofproduction and thebeginning of eachfinancial year.”; and


(c) in Part B, by deleting the scale ofsupplemental petroleum tax rates andsubstituting the following scale:“SCALE OF SUPPLEMENTAL PETROLEUM

TAX RATES

PRICE U.S. $ RATE %

12. The Value Added Tax Act is amended—(a) in section 25, by inserting after the words

“cause the applicant to be registered” thewords “ within one working day after thedate of receipt of the application supportedby such other documents in the manner andform approved by the Board”; and

(b) in the Schedule 2 by inserting after item 7A,the following item:

“ 7B. Motor vehicles belonging tonationals returning from abroadsubject to the criteria set insection 45(2)(h) of the Customs Act,Chap. 78:01.”.

13. The Stamp Duty Act is amended in theFirst Schedule, under the rubric “GENERALEXEMPTIONS FROM ALL STAMP DUTIES”, byinserting the following:

“Instruments executed by or on behalf of theGovernment in respect of Deeds of Assignments

Between Marine New Field Land andDevelopment Deepwater

Block$ $

50.00

50.01 and 90.00

90.01 and 200.00

200.01 and over

“A”

0

33

SPT rate = baseSPT rate +

0.2% (P-$90.00)

55

“B”

0

25

47

“C”

0

18

40”.

Chap. 75:06 amended

Chap. 76:01 amended


relating to the transfer of rights from policyholders of Colonial Life Insurance Company(CLICO) and British American Life InsuranceCompany Limited (BAT).

Instruments executed by or on behalf of theGovernment in respect of the transfer of sharesin Republic Bank Limited owned by Colonial LifeInsurance Company (CLICO) to theGovernment.

Instruments executed by or on behalf of theGovernment in respect of the transfer of sharesin Republic Bank Limited from the Governmentto the CLICO Investment Fund (CIF).

Instruments executed by or on behalf of theGovernment in respect of the transfer of Units bythe Government to persons who have receivedbonds to be redeemed from the eleventh to thetwentieth year, after the initial offer period.”.

14. The Miscellaneous Taxes Act is amended insection 53, by repealing subsection (1) and substitutingthe following subsections:

“ (1) A returning national who has residedabroad continuously for at least five yearsimmediately prior to his return to Trinidad andTobago shall pay a special tax of ten per cent onthat portion of the c.i.f. value of his householdeffects which exceeds two hundred and fiftythousand dollars, where he satisfies theconditions under subsection (1A).

(1A) The returning national referred to undersubsections (1) and (2), shall satisfy the followingconditions:

(a) the household effects shall accompany thereturning national or are brought into

Chap. 77:01 amended


Trinidad and Tobago within twomonths before or after his return, orwithin such further period as theComptroller of Customs and Excise(hereinafter referred to as “theComptroller”) considers reasonable inthe circumstances;

(b) the household effects are admitted assuch by the Comptroller; and

(c) the household effects are for the per-sonal use of the returning nationaland not for sale or exchange and aredeclared to have been owned by himfor less than one year.

(1B) For the purposes of this section,continuous residence abroad by a returningnational shall not be affected by temporary visitsto Trinidad and Tobago for periods not exceedingthree months in each of the five yearsimmediately prior to his return to Trinidad andTobago to reside permanently.”.

15. The Customs Act is amended—

(a) in section 45A—

(i) by repealing subsection (1) andsubstituting the following subsections:

“ (1) A returning national of Trinidadand Tobago who returns to Trinidadand Tobago to reside permanentlyafter residing abroad for a continuousperiod of not less than five years shallbe entitled to full relief from customs

Chap. 78:01 amended


duty, in respect of a motor vehiclewhere the returning national—

(a) imports the motor vehicle—

(i) within six months prior to;or

(ii) within one year after, hisreturn to Trinidad andTobago;

(b)provides proof of ownership ofthe motor vehicle; and

(c) requires the motor vehicle forhis personal use.

(1A) The concession granted to areturning national for the importationof a motor vehicle under subsection (1)is a one-time facility.

(1B) Notwithstanding subsection (1),where there is a transfer ofownership of the motor vehicle undersubsection (1) within two years of thedate of its importation into Trinidadand Tobago, there shall becomeimmediately payable by the returningnational, the customs duty whichwould have been payable had the reliefnot been granted.

(1C) For the purposes of this section,continuous residence abroad by areturning national shall not beaffected by temporary visits toTrinidad and Tobago for periods notexceeding three months in each of thefive years immediately prior to hisreturn to Trinidad and Tobago toreside permanently.”; and


(ii) by deleting subsection (2) andsubstituting the following subsection:

“ (2) A person seeking relief fromcustoms duty under this section shallsatisfy the Comptroller that—

(a) he is the registered owner of themotor vehicle;

(b) he acquired the motor vehiclewhile abroad; and

(c) he has resided abroad for acontinuous period of at leastfive years immediately prior tohis return to Trinidad andTobago.”; and

(b) in the Second Schedule, Part A , by deletingitem 6(c) and substituting the followingitems:

“ 6(c) Household effects, admitted assuch by the Comptroller, not exceedinga c.i.f. value of two hundred and fiftythousand dollars which accompany areturning national of Trinidad andTobago and provided—

(i) the household effects are for hispersonal use and not for sale orexchange;

(ii) he is returning to residepermanently in Trinidad andTobago;


(iii) he has resided abroad continuouslyfor at least five years immediatelyprior to his return; and

(iv) exemptions apply to one householderper family.

6 (ca) Where the c.i.f. valueexceeds two hundred and fiftythousand dollars, the goodsallocated to the excess wouldattract the respective rates ofcustoms duty and value

6 (cb) The normal rates ofcustoms duty and value addedtax shall be payable on thatportion of the c.i.f. value of thehousehold effects which exceedstwo hundred and fifty thousanddollars.

6 (cc) For the purposes of thisitem, continuous residenceabroad by a returning nationalshall not be affected bytemporary visits to Trinidad andTobago for periods not exceedingthree months in each of the fiveyears immediately prior to hisreturn to Trinidad and Tobago toreside permanently.”.

16. The Companies Act is amended—

(a) in section 8, by repealing subsection (3);

(b) in section 9—

(i) in subsection(1), by inserting afterparagraph (e), the following paragraphs:

“(ea) the number of intendedemployees;

Chap. 81:01 amended


“(eb) the main area of businessactivity;”; and

(ii) by inserting after subsection (2A), thefollowing subsection:

“ (2B) The articles shall include astatement by an attorney-at-lawengaged in the formation of thecompany or by a person named inthe articles or in the documentsaccompanying the articles as adirector or secretary of the companythat no signatory to the articles isan individual who is so described insection 8(2) and that there iscompliance with all the requirementsprecedent to the formation of thecompany under the Act.”;

(c) in section 461—

(i) in subsections (2), (3), (4) and (6), byinserting after the words “the Gazette”wherever they occur, the words “ andone daily newspaper or other periodicalprinted and circulating in Trinidad andTobago”; and

(ii) in subsection (5), by inserting after thewords “notice thereof in the Gazette”the words “and one daily newspaper orother periodical printed and circulatingin Trinidad and Tobago”.

(d) in section 492, by deleting the words “ninety”and substituting the word “twenty”; and

(e) in section 516, by deleting the words “fivehundred dollars for every year” andsubstituting the words “three hundreddollars for every month”.


17. The Trinidad and Tobago Free Zones Act isamended—

(a) in section 24, by inserting aftersubsection (4), the following subsections:

“ (5) Where part of the sales or profitsof the approved enterprise in respect ofservices are exported or provided toany person in the Customs territoryfrom a free zone, there shall be allowedin computing the profits of theenterprise that are subject tocorporation tax—

(a) all of the outgoings andexpenses wholly andexclusively incurred in theprovision of the services thatare provided to any person inthe Customs territory;

(b) none of the outgoings andexpenses wholly andexclusively incurred in theprovision of the services thatare exported outside of theCustoms territory; and

(c) such proportion of theoutgoings and expenses thatare not in respect of theservices referred to inparagraphs (a) or (b) as thevalue of the services providedto the Customs territoryrepresents as a proportion ofthe value of the total servicesprovided.

(6) For the avoidance of doubt,capital allowances shall also beallowable in the manner prescribed insubsection (5).

Chap. 81:07 amended


(7) In computing the balancingallowance or balancing charge undersection 11(2) of the Income Tax Act onthe disposal of any plant andmachinery and buildings, the amountof such allowance or charge shall notexceed the amount allowed as adeduction under subsection (6).”; and

(b) by renumbering section 35 as section 35(1)and inserting after section 35(1), asrenumbered, the following subsection:

“ (2) Subsection (1) shall not apply toservice charges in respect of theservices referred to in Item 12A ofSchedule 2 of the Value AddedTax Act.”.

18. Notwithstanding any law to the contrary, thesections of this Act listed in the First Column shall comeinto force on the dates set out in the Second Column:

First Column Second Column

Passed in the House of Representatives this28th day of January, 2013.

N. Atiba-DilchanActing Clerk of the House

Commencement

37

9(a),(b)9(c)9(d)101113

1st October, 2012

1st February, 2013

1st January, 2013

1st February, 2013

1st October, 2012

1st January, 2013

1st January, 2013

1st January 2012


Passed in the Senate this 31st day of January, 2013.

N. Atiba-DilchanClerk of the Senate


PRINTED BY THE GOVERNMENT PRINTER, PORT-OF-SPAIN

REPUBLIC OF TRINIDAD AND TOBAGO—2013

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