the finance act, 2015 - gazetted version

BILLAN ACT to provide for the variation of certain duties and

taxes and to introduce provisions of a fiscal natureand for related matters

[Assented to 27th January, 2015]

ENACTED by the Parliament of Trinidad and Tobago asfollows:

PART IPRELIMINARY

1. This Act may be cited as the Finance Act, 2015.

Enactment

Short title

Fifth Session Tenth Parliament Republic of Trinidad and Tobago

REPUBLIC OF TRINIDAD AND TOBAGO

Act No. 2 of 2015

[L.S.]

Legal Supplement Part A to the “Trinidad and Tobago Gazette”, Vol. 54,No. 9, 29th January, 2015

2. (1) Sections 3, 5, 8, 9, 10, 11, 12, 14, 15 and 16 aredeemed to have come into force on 1st October, 2014.

(2) Sections 17(j), 19, 20 and 25 are deemed to havecome into force on 1st January, 2015.

(3) Section 24 is deemed to have come into forceon 1st March, 2004.

PART IIRETIRING ALLOWANCES (LEGISLATIVE SERVICE)

3. Section 6(1)(a), (b), (c) and (d) of the RetiringAllowances (Legislative Service) Act is amended byinserting after the words “three thousand” whereverthey occur, the words “, five hundred”.

PART IIIPETTY CIVIL COURTS

4. The Petty Civil Courts Act is amended—(a) in sections 8, 9, 9B, 10, 12, 13, 20 and 24, by

deleting the words “fifteen thousanddollars” wherever they occur andsubstituting the words “fifty thousanddollars”;

(b) in section 31, by deleting the words “fifteenhundred dollars” and substituting thewords “ten thousand dollars”;

(c) in section 33(1), by deleting thewords “three hundred dollars” andsubstituting the words “two thousanddollars”;

(d) in section 34, by deleting the words “fifteenthousand dollars” wherever they occur andsubstituting the words “fifty thousanddollars”;

(e) in section 35, by deleting the words “fifteenhundred dollars” and substituting thewords “ten thousand dollars”;

Commencement

Chap. 2:03amended

Chap. 4:21amended

56 No. 2 Finance 2015

(f) in section 41(1), by deleting the words “twohundred dollars” and substituting thewords “ten thousand dollars”; and

(g) in section 42, by deleting the words “fifteenhundred dollars” and substituting thewords “ten thousand dollars”.

PART IVJUDGES SALARIES AND PENSIONS

5. The Judges Salaries and Pensions Act isamended—

(a) in section 12(1) and (2)(b), by inserting afterthe words “three thousand” wherever theyoccur, the words “, five hundred”; and

(b) in section 13(1) and (2)(b), by inserting afterthe words “three thousand” wherever theyoccur, the words “, five hundred”.

PART VPRAEDIAL LARCENY

6. The Praedial Larceny Prevention Act is amended—(a) in section 3(8)(b), by deleting the words “five

thousand” and substituting thewords “seventy-five hundred”;

(b) in section 3A(5), by deleting the words “fivethousand” and “twenty thousand” andsubstituting the words “seventy-fivehundred” and “thirty thousand”,respectively;

(c) in section 4(2), by deleting the words “tenthousand” and substituting thewords “fifteen thousand”;

(d) in section 9(2), by deleting the words “fivethousand” and “twenty thousand” andsubstituting the words “seventy-fivehundred” and “thirty thousand”,respectively;

Chap. 10:03amended

Chap. 6:02amended

No. 2 Finance 2015 57

(e) in section 12, by deleting the words “fivethousand” and “twenty thousand” andsubstituting the words “seventy-fivehundred” and “thirty thousand”,respectively;

(f) in section 13(2), by deleting the words “fivethousand” and “twenty thousand” andsubstituting the words “seventy-fivehundred” and “thirty thousand”,respectively;

(g) in section 15A(5)(b)(i), by deleting thewords “five thousand” and substituting thewords “seventy-five hundred”;

(h) in section 23(2), by deleting the words “onehundred and fifty” and substituting thewords “two hundred and twenty-five”;

(i) in section 24(2), by deleting thewords “seventy-five” and substituting thewords “one hundred and twelve”;

(j) in section 26, by deleting the words “tenthousand” and substituting thewords “fifteen thousand”;

(k) in section 27, by deleting the words “fivethousand” and substituting thewords “seventy-five hundred”;

(l) in section 27A, by deleting the words “fivethousand” and substituting thewords “seventy-five hundred”;

(m) in section 28, by deleting the words “threethousand” and substituting the words “fourthousand, five hundred”; and

(n) in section 29, by deleting the words “fivethousand” and “twenty thousand” andsubstituting the words “seventy-fivehundred” and “thirty thousand”,respectively.


PART VIPROCEEDS OF CRIME

7. The Proceeds of Crime Act is amended—(a) in section 38—

(i) by inserting after subsection (4B),the following subsection:

“ (4C) An order referred to insubsections (1) and (2) shallbe in the prescribed form.”;and

(ii) by inserting after subsection (7), thefollowing subsection:

“ (7A) An application for therelease of cash detained undersubsection (7) shall be madein the prescribed form.”;

(b) in section 39—(i) in subsection (2), by inserting after

the word “Customs”, the words “andshall be made in the prescribedform”; and

(ii) by inserting after subsection (5), thefollowing subsection:

“ (6) An order made underthis section shall be in theprescribed form.”;

(c) in section 55(2)(c), by deleting the word “(i)”;and

(d) by repealing section 55D(4), andsubstituting the following subsection:

“ (4) For the purposes of this section,“Supervisory Authority” means, inrespect of—

(a) financial institutions licensedunder the FinancialInstitutions Act, the Insurance

Chap. 11:27amended

Chap. 79:09


Chap. 84:01

Act, the Exchange Control Act,or the National InsuranceBoard established under theNational Insurance Act, theHome Mortgage Bankestablished under the HomeMortgage Bank Act, theAgricultural DevelopmentBank established under theAgricultural DevelopmentBank Act, the Unit TrustCorporation of Trinidad andTobago established underthe Unit Trust Corporation ofTrinidad and Tobago Act, theTrinidad and TobagoMortgage Finance Companyand the Central Bank;

(b) a person registered as abroker-dealer, underwriter orinvestment advisor under theSecurities Act, the Trinidadand Tobago Securities andExchange Commission; or

(c) other financial institutionsand listed business, the FIU.”.

PART VIIRETIRING ALLOWANCES (DIPLOMATIC SERVICE)

8. The Retiring Allowances (Diplomatic Service) Actis amended—

(a) in section 8(1), by inserting after the words“three thousand”, the words “, fivehundred”;

(b) in section 10(1), by inserting after thewords “three thousand”, the words “, fivehundred”;

Chap. 79:50

Chap. 32:01

Chap. 79:08

Chap. 79:07

Chap. 83:03

Chap. 83:02


Chap. 17:04amended

(c) in section 11(3)(a) and (3)(b), by insertingafter the words “three thousand” whereverthey occur, the words “, five hundred”;

(d) in section 11(4)(a) and (4)(b), by insertingafter the words “three thousand” whereverthey occur, the words “, five hundred”; and

(e) in section 16(1), by inserting after thewords “three thousand”, the words “, fivehundred”.

PART VIIIPENSIONS

9. The Pensions Act is amended—(a) in section 18(1), by inserting after the

words “three thousand”, the words “, fivehundred”; and

(b) in section 19(1), by inserting after thewords “three thousand”, the words “, fivehundred”.

PART IXWIDOWS’ AND ORPHANS’ PENSIONS

10. Section 5 of the Widows’ and Orphans’ PensionsAct is amended by inserting after the words “threethousand” wherever they occur, the words “, fivehundred”.

PART XMUNICIPAL CORPORATIONS PENSIONS

11. The Municipal Corporations (Pensions) Act isamended—

(a) in section 10, by inserting after thewords “three thousand”, the words “, fivehundred”; and

(b) in section 17(1), by inserting after thewords “three thousand”, the words “, fivehundred”.

Chap. 23:54amended

Chap. 23:52amended


Chap. 25:05amended

PART XIPUBLIC ASSISTANCE

12. Section 11A(3) of the Public Assistance Act isamended by deleting the word “five” and substitutingthe word “eight”.

PART XIIHOUSING

13. The Housing Act is amended by insertingafter section 64, the following Part:

“PART VIIIGENERAL PROVISIONS

65. (1) The Corporation may, with theapproval of the Minister, makeRegulations—

(a) subject to subsection (2),prescribing anything which maybe, or is required to be, prescribedunder this Act;

(b) prescribing sound standards ofconstruction of houses;

(c) prescribing fees or charges thatmay be made by the Corporation orany other person in connectionwith this Act;

(d) requiring separate accounts to bekept for the purposes of this Act;and

(e) subject to subsection (2), generallyfor giving effect to the purposes ofthis Act.

Chap. 33:01amended

Chap. 32:03amended

Regulations


(2) The Minister may makeRegulations prescribing anything whichmay be, or is required to be, prescribedunder sections 42 to 46 of the IncomeTax Act.

(3) Regulations made under this Actmay provide that the contravention of anyprovision constitutes an offence and mayprescribe penalties for any offence notexceeding seven hundred and fifty dollarson summary conviction.

66. Any action purported to be made bythe Minister pursuant to the Housing(Income Tax Exemption) Regulations orthe Housing Regulations prior to thecoming into force of this Act are validatedto the extent that it would have been validif the Housing (Income Tax Exemption)Regulations or the Housing Regulationshad been in force.”.

PART XIIIFIRE SERVICE

14. The Fifth Schedule to the Fire Service Act isamended in clause 3(1), (3), (4), (8) and (9), by insertingafter the words “three thousand” wherever they occur,the words “, five hundred”.

PART XIVTEACHERS’ PENSIONS

15. Section 12(1) of the Teachers’ Pensions Act isamended by inserting after the words “three thousand”,the words “, five hundred”.

Validation

G.N. No. 73of 1969

L.N. No. 187of 1986

Chap. 35:50amended

Chap. 75:01


Chap. 39:02amended

PART XVASSISTED SECONDARY SCHOOL TEACHERS’ PENSIONS

16. Section 11(1) of the Assisted Secondary SchoolTeachers’ Pensions Act is amended by inserting afterthe words “three thousand”, the words “, five hundred”.

PART XVIMOTOR VEHICLES AND ROAD TRAFFIC

17. The Motor Vehicles and Road Traffic Act isamended—

(a) in section 42(1), by deleting the words “fivehundred” and “one thousand” andsubstituting the words “seven hundred andfifty” and “fifteen hundred”, respectively;

(b) in section 62(5), by deleting the words “fourthousand” and substituting the words “sixthousand”;

(c) in section 70(1), by deleting the words “eightthousand” and “fifteen thousand” andsubstituting the words “twelve thousand”and “twenty-two thousand, five hundred”,respectively;

(d) in section 70A(2), by deleting the words“eight thousand” and “fifteen thousand” andsubstituting the words “twelve thousand”and “twenty-two thousand, five hundred”,respectively;

(e) in section 70B(5), by deleting the words“eight thousand” and substituting thewords “twelve thousand”;

(f) in section 70C(6)(c), by deleting the words“eight thousand” and substituting the words“twelve thousand”;

(g) in section 70C(6)(d), by deleting thewords “fifteen thousand” and substitutingthe words “twenty-two thousand, fivehundred”;

Chap. 39:03amended

Chap. 48:50amended


(h) in section 70E(1), by deleting thewords “eight thousand” and “fifteenthousand” and substituting thewords “twelve thousand” and “twenty-twothousand, five hundred”, respectively;

(i) in section 90, by deleting the words “twothousand” and substituting the words“three thousand”; and

(j) in the Fourth Schedule—(i) in paragraph 1, by deleting the

words “Part I” and “that Part” andsubstituting the words “Parts I andIA” and “the respective Part”,respectively;

(ii) by inserting after paragraph 8, thefollowing paragraphs:

8A. (1) Notwithstandingthe requirements underthis Schedule—

(a) a new electricvehicle, with anengine size notexceeding 179kilowatts; or

(b) a used electricvehicle, with anengine size notexceeding 179kilowatts, andwhich is not olderthan four yearsfrom the year ofmanufacture,

which is imported forprivate or commercialuse on or after1st January, 2015 and

“No motorvehicle tax onelectric-poweredvehicles


before 1st January, 2020,shall be free from motorvehicles tax.

(2) For the purposesof this paragraph,“electric vehicle” means avehicle that is propelledby an electric motorpowered by arechargeable batterypack.

8B. (1) Notwithstandingthe requirements underthis Schedule—

(a) a new hybridvehicle, with anengine size notexceeding 1799 cc;or

(b) a used hybridvehicle, with anengine size notexceeding 1799 cc,and which is notolder than fouryears from theyear ofmanufacture,

which is imported forprivate or commercialuse on or after1st January, 2015 andbefore 1st January, 2020,shall be free from motorvehicles tax.

(2) For the purposesof this paragraph,“hybrid vehicle” means a

No motorvehicle tax onhybridvehicles


vehicle that is capable ofbeing propelled by acombination of aninternal combustionengine and an on-boardrechargeable energysystem.”; and

(iii) by inserting after Part Iof Appendix A, the following Part:

“PART IA

PARTICULARS OF TAX FOR ELECTRIC VEHICLES

Class of Description of Vehicles Vehicle tax

$(1) Private cars or rented cars, station

wagons or estate wagons:(a) Engine size not exceeding 159 kilowatts(b) Engine size exceeding 159 kilowatts but

not exceeding 179 kilowatts … … … … (c) Engine size exceeding 179 kilowatts but

not exceeding 199 kilowatts … … … … (d) Engine size exceeding 199 kilowatts but

not exceeding 249 kilowatts … … … …(e) Engine size exceeding 249 kilowatts but

not exceeding 299 kilowatts … … … …(f) Engine size exceeding 299 kilowatts but

not exceeding 349 kilowatts … … … … (g) Engine size exceeding 349 kilowatts …

(2) Taxis:(a) Engine size not exceeding 159 kilowatts(b) Engine size exceeding 159 kilowatts but

not exceeding 179 kilowatts … … … … (c) Engine size exceeding 179 kilowatts but

not exceeding 199 kilowatts … … … … (d) Engine size exceeding 1.99 kilowatts but

not exceeding 249 kilowatts … … … …(e) Engine size exceeding 249 kilowatts but

not exceeding 299 kilowatts … … … …

5.00 per kilowatt

8.00 per kilowatt

15.00 per kilowatt

25.00 per kilowatt

30.00 per kilowatt

35.00 per kilowatt50.00 per kilowatt

1.50 per kilowatt

3.00 per kilowatt

6.00 sper kilowatt

15.75 per kilowatt

18.75 per kilowatt


PARTICULARS OF TAX FOR ELECTRIC VEHICLES—Continued

Class of Description of Vehicles Vehicle tax

$

PART XVIIMOTOR VEHICLES INSURANCE

18. The Motor Vehicles Insurance (Third-Party Risks)Act is amended—

(a) in section 3(2), by deleting the words “fivethousand” and substituting thewords “seven thousand, five hundred”; and

(b) in section 22(3), by deleting the words “fourthousand” and substituting the words “sixthousand”.

(f) Engine size exceeding 299 kilowatts butnot exceeding 349 kilowatts … … … …

(g) Engine size exceeding 349 kilowatts …(3) Maxi-Taxis:

(a) Engine size not exceeding 249 kilowatts(b) Engine size exceeding 249 kilowatts …

(4) Goods Vehicles(5) Tractors:

(a) Agricultural tractors … … … … … … …(b) Industrial tractors … … … … … … …

(6) Private School Bus:(a) Engine size not exceeding 249 kilowatts (b) Engine size exceeding 249 kilowatts …

(7) Omni Bus:(a) Engine size not exceeding 249 kilowatts(b) Engine size exceeding 249 kilowatts …


6.00 per kilowatt8.00 per kilowatt2.50 per kilowatt



6.00 per kilowatt8.00 per kilowatt”.


Chap. 48:51amended

PART XVIIIINCOME TAX

19. The Income Tax Act is amended—(a) in section 18—

(i) by repealing subsection (1) andsubstituting the followingsubsection:

“ (1) An individual to whomsection 17 applies who—

(a) has attained the ageof sixty years, shallbe entitled to apersonal allowanceof seventy-twothousand dollars; and

(b) has not attained theage of sixty years,shall be entitled to apersonal allowanceof sixty thousanddollars.”; and

(ii) in subsection (2), by deleting theword “sixty thousand” andsubstituting the word “seventy-twothousand”;

(b) in section 18A(1) and (4)(b), by deleting theword “eighteen” wherever it occurs andsubstituting the word “twenty-five”;

(c) in section 28(15), by deleting theword “thirty” and substituting theword “fifty”;

Chap. 75:01amended


(d) by inserting after section 48M, the followingsection:

48N. (1) A person who in a yearof income purchases bonds issuedin accordance with the NationalTax Free Savings BondsRegulations, is entitled in thatyear of income to a tax credit of anamount equal to twenty-five percent of the face value of the bondswhere the maturity period is five,seven or ten years.

(2) The tax creditsreferred to in subsection (1) applyonly to such portion of the bondspurchased in a year of income byany person, which does not exceedfive thousand dollars in value.

(3) The tax credit isallowed only to the originalpurchaser of the bond, and for theyear of income in which it ispurchased.

(4) N o t w i t h s t a n d i n gsubsections (2) and (3) andsection 48A, where the amount ofthe tax credit as computed undersubsection (1) cannot be wholly setoff against the tax assessed for theperson, the amount of theunclaimed tax credit may becarried forward by the person andset off against his tax assessed forsucceeding years of income.

G.N. No. 216of 1977

“Tax creditentitlement


(5) The amount of theunclaimed tax credit referred to insubsection (4), may be set off asfar as possible against the taxassessed for the person in the firstsucceeding year of income, and inso far as it cannot be so set off,then against the tax assessed forthe next succeeding year ofincome and so on.”; and

(e) by repealing section 103A and substitutingthe following section:

103A. (1) Notwithstanding anywritten law to the contrary, thereshall be a waiver of the followingliabilities:

(a) interest on outstandingincome tax, furthertax, additional tax,withholding tax, businesslevy and green fund levydue and payable for theyears of income up to andincluding the year 2013,where such taxes or levyare paid during the period8th September, 2014 to31st March, 2015;

(b) outstanding interest chargedon any income tax, furthertax, additional tax,withholding tax, businesslevy and green fund levydue and payable for theyears of income up to and

“Waiver ofliabilities


including the year 2013,where such taxes and levyhave been paid prior to8th September, 2014;

(c) all penalties due andpayable on outstandingincome tax andwithholding tax for theyears of income up to andincluding the year ending31st December, 2013,where such taxes are paidduring the period8th September, 2014 to31st March, 2015;

(d) all penalties in respect ofincome tax andwithholding tax due andpayable for the years ofincome up to andincluding the year ending31st December, 2013,where such taxes are paidprior to 8th September,2014, where suchpenalties have not beenpaid;

(e) penalties on outstandingincome tax returns for theyears of income up to andincluding the year 2013,where such returns arefiled during the period8th September, 2014 to31st March, 2015; and


(f) penalties with respect toincome tax returns for theyears of income up to andincluding the year 2013and filed prior to8th September, 2014,where such penalties havenot been paid.

(2) For the avoidance ofdoubt, the waiver granted in thissection shall not—

(a) affect any liability toincome tax, furthertax, additional tax,withholding tax, businesslevy and green fund levydue and payable by aperson under this Act; or

(b) apply to any interest andpenalties paid prior to8th September, 2014.

(3) Where any income taxreturns, income tax, withholdingtax, business levy and green fundlevy remains outstanding after31st March, 2015, the interest andpenalties, which would have beenpayable on such returns, taxesand levies shall be revived andbecome payable as if the waiver insubsection (1) had not beengranted.”.


PART XIXVALUE ADDED TAX

20. The Value Added Tax Act is amended—(a) by repealing section 54A and substituting

the following section:

54A. (1) Notwithstanding anywritten law to the contrary, thereshall be a waiver of the followingliabilities:

(a) interest and penalties onoutstanding taxes dueand payable as at31st December, 2013,where such taxes are paidduring the period8th September, 2014 to31st March, 2015;

(b) outstanding interestcharged on any taxes dueand payable as at31st December, 2013,where such taxes havebeen paid prior to8th September, 2014;

(c) penalties in respect oftaxes due and payable asat 31st December, 2013and paid prior to8th September, 2014,where such penalties havenot been paid;

(d) penalties on outstandingreturns for periods up to31st December, 2013,

Chap. 75:06amended

“Waiver ofcertainliabilities


where such returns arefiled during the period8th September, 2014 and31st March, 2015; and

(e) penalties with respect toreturns for periods up to31st December, 2013and filed prior to8th September, 2014,where such penalties havenot been paid.

(2) For the avoidance ofdoubt, the waiver granted undersubsection (1) shall not—

(a) affect any liability to thetaxes which are due andpayable under this Act; or

(b) apply to any interest andpenalties paid prior to8th September, 2014.

(3) Where any taxesremain outstanding after31st March, 2015, the interest andpenalties which would have beenpayable on such outstanding taxesshall be revived and becomepayable as if the waiver insubsection (1) had not beengranted.”; and

(b) in Schedule 2, by inserting afterparagraph 7B, the following paragraphs:

“ 7C. (1) A—(a) new electric vehicle with an

engine size not exceeding 179kilowatts; or


(b) used electric vehicle with anengine size not exceeding 179kilowatts and which is notolder than four years from theyear of manufacture,

which is imported for private orcommercial use on or after1st January, 2015 and before1st January, 2020.

(2) For the purposes of thisparagraph, “electric vehicle” means avehicle that is propelled by an electricmotor powered by a rechargeablebattery pack.

7D. (1) A—(a) new hybrid vehicle with an

engine size not exceeding 1799 cc;or

(b) used hybrid vehicle with anengine size not exceeding 1799 ccand which is not older thanfour years from the year ofmanufacture,

which is imported for private orcommercial use on or after 1st January,2015 and before 1st January, 2020.

(2) For the purposes of thisparagraph, “hybrid vehicle” means avehicle that is capable of beingpropelled by a combination of aninternal combustion engine and anon-board rechargeable energysystem.”.


PART XX

COMPANIES

21. The Companies Act is amended in section 516A—(a) in subsection (1), by deleting the

words “10th October, 2011 to31st December, 2012” and substituting thewords “1st October, 2014 to 31st March,2015”; and

(b) in subsection (3), by deleting thewords “31st December, 2012” andsubstituting the words “31st March, 2015”.

PART XXI

UNIT TRUST CORPORATION OF TRINIDAD AND TOBAGO

22. The Unit Trust Corporation of Trinidad andTobago Act is amended—

(a) in section 2, by deleting the definition of“securities” and inserting in the appropriatealphabetical order the following definition:

“ “security” has the meaning assignedto it under the Securities Act,2012;”;

(b) by repealing section 13(3) and substitutingthe following subsections:

“ (3) In investing in securities for anyof its unit schemes, the Board shall notpurchase a security of an issuer if—

(a) immediately after thatpurchase more than ten percent of the net assets of theunit scheme taken at marketvalue at the time of purchasewill be invested in securities ofthe issuer; or

Chap. 81:01amended

Chap. 83:03amended


(b) immediately after thatpurchase the unit schemeholds securities representingmore than ten per cent of thevotes attaching to theoutstanding voting securitiesof the issuer,

and the investments of all unitschemes established by the Boardshall not include, at any time, morethan ten per cent of the securitiesissued by any company or othercorporation.

(3A) Section 3 does not apply to debtsecurities issued or fully guaranteedby the Government of the Republic ofTrinidad and Tobago, or those havingmaturity dates of less than one year.”;

(c) in section 14(1)—(i) in paragraph (a), by deleting the

words “, the initial face value ofeach unit not to be less than tendollars and not more than onehundred dollars”; and

(ii) in paragraph (c), by inserting afterthe word “person” the words “orcategory of persons”;

(d) by repealing section 14(2) and substitutingthe following subsection:

“ (2) Subject to section 6(2), the Boardmay—

(a) from time to time, add to, orotherwise amend the termsand conditions of any unitscheme as it sees fit; and

(b) close, reopen, amend, suspendor cease to sell units in orotherwise wind up a unitscheme.”;


(e) in section 14(4), by deleting the full-stopand substituting the following words “,except where the Board establishes aclose-end fund which is listed on anorganized and regulated financial market.”;

(f) in section 15(2)(a), by deleting the word“ninety” and substituting the words “onehundred and eighty”;

(g) in section 25(1) and (2), by deleting thewords “The income”, wherever they occur,and substituting the words “For the purposeof distribution, the income comprisingdividends and interest earnings”; and

(h) in section 25(3), by deleting the words “Theincome” in the first place where they occur,and substituting the words “For the purposeof distribution, the income comprisingdividends and interest earnings”.

PART XXIIPROPERTY TAX

23. The Property Tax Act, 2009 is amended byinserting after section 52, the following new section:

52A. Notwithstanding any written law tothe contrary, the payment of any tax underthis Act shall be waived for the period1st January, 2010 to 31st December, 2015.”.

PART XXIIIUNIVERSITY EXEMPTION

24. The University College Exemption Ordinance isamended in section 2A—

(a) by inserting after the words “West Indies”,wherever they occur, the words “and theArthur Lok Jack Graduate School ofBusiness”; and

Act No. 18 of 2009amended

“Waiver oftaxes

University CollegeExemption OrdinanceNo. 34 of 1960


(b) by inserting after the word “University” inthe third place where it occurs, the words“of the West Indies or the Arthur Lok JackGraduate School of Business, respectively”.

PART XXIVGOVERNMENT SAVINGS BONDS

25. The National Tax Free Savings Bonds Regulationsare amended in regulation 9, by deleting the words “six,seven and eight per cent” and substituting thewords “one, two and three per cent”.

PART XXVMISCELLANEOUS

26. (1) Payments of any retiring allowance or pensionpurported to be made, as applicable, under—

(a) the Retiring Allowances (LegislativeService) Act;

(b) the Judges Salaries and Pensions Act;(c) the Prison Service Act;(d) the Retiring Allowances (Diplomatic

Service) Act;(e) the Pensions Act;(f) the Widows’ and Orphans’ Pensions Act;(g) the Municipal Corporations (Pensions) Act;(h) the Fire Service Act;(i) the Teachers’ Pensions Act; and(j) the Assisted Secondary School Teachers’

Pensions Act,

on or after 1st October, 2014 and before the coming intoforce of this Act are validated to the extent that theywould have been valid if this Act had been in force.

National Tax FreeSavings BondsRegulationsamended

G.N. No. 216 of 1977

Validation


(2) Any payment of disability assistance in excessof one thousand, five hundred dollars, but not exceedingone thousand, eight hundred dollars, purported to bemade under the Public Assistance Act on or after1st October, 2014 and before the coming into force ofthis Act, to a person eligible to receive disabilityassistance, is validated to the extent that they wouldhave been valid if this Act had been in force.

Passed in the House of Representatives this 10th dayof January, 2015.

J. SAMPSON-MEIGUELClerk of the House

Passed in the Senate this 14th day of January,2015.

N. ATIBA-DILCHANClerk of the Senate


PRINTED BY THE GOVERNMENT PRINTER, CARONIREPUBLIC OF TRINIDAD AND TOBAGO—2015

the finance act, 2015 - gazetted version

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