Act No. 13 of 2010 - Parliament of Trinidad and Tobago

AN ACT to provide for the variation of certain dutiesand taxes and to introduce provisions of a fiscalnature and for related matters

[Assented to 13th December, 2010]

ENACTED by the Parliament of Trinidad and Tobago asfollows:

1. This Act may be cited as the Finance Act, 2010.

Enactment

Short title

First Session Tenth Parliament Republic ofTrinidad and Tobago

REPUBLIC OF TRINIDAD AND TOBAGO

Act No. 13 of 2010

[L.S.]

Legal Supplement Part A to the “Trinidad and Tobago Gazette”, Vol. 49,No. 158, 14th December, 2010

2. The Judges Salaries and Pensions Act isamended—

(a) in section 12(1) and (2)(b), by deleting thewords “one thousand, nine hundred andfifty dollars” wherever they occur andsubstituting the words “three thousanddollars”; and

(b) in section 13(1) and 2(b), by deleting thewords “one thousand, nine hundred andfifty dollars” wherever they occur andsubstituting the words “three thousanddollars”.

3. The Prison Service Act is amended in the FifthSchedule—

(a) in rule 5(1), by deleting the words “onethousand, nine hundred and fifty dollars”and substituting the words “three thousanddollars”; and

(b) in rule 6, by deleting the words “onethousand, nine hundred and fifty dollars”and substituting the words “three thousanddollars”.

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

(a) in section 8(1), by deleting the words “onethousand, nine hundred and fifty dollars”and substituting the words “three thousanddollars”;

(b) in section 10(1), by deleting the words “onethousand, nine hundred and fifty dollars”and substituting the words “threethousand dollars”;

(c) in section 11(3)(a) and (3)(b), by deleting thewords “one thousand, nine hundred andfifty dollars” wherever they occur andsubstituting the words “three thousanddollars”;

Chap. 13:02amended

Chap. 17:04amended

Chap. 6:02amended

150 No. 13 Finance Act 2010

(d) in section 11(4)(a) and (4)(b), by deleting thewords “one thousand, nine hundred andfifty dollars” and substituting the words“three thousand dollars”; and

(e) in section 16(1), by deleting the words “onethousand, nine hundred and fifty dollars”and substituting the words “three thousanddollars”.

5. The Pensions Act is amended—

(a) in section 18(1), by deleting the words “onethousand, nine hundred and fifty dollars” andsubstituting the words “three thousanddollars”; and

(b) in section 19(1), by deleting the words “onethousand, nine hundred and fifty dollars”and substituting the words “three thousanddollars”.

6. The Widows’ and Orphans’ Pensions Act isamended in section 5, by deleting the words “onethousand, nine hundred and fifty dollars” wherever theyoccur and substituting the words “three thousanddollars,”.

7. The Municipal Corporations (Pensions) Act isamended—

(a) in section 10, by deleting the words “onethousand, nine hundred and fifty dollars”and substituting the words “three thousanddollars”; and

(b) in section 17(1), by deleting the words “onethousand, nine hundred and fifty dollars”and substituting the words “three thousanddollars”.

Chap. 23:52amended

Chap. 23:54amended

Chap. 25:05amended

No. 13 Finance Act 2010 151

8. The Litter Act is amended—(a) in section 3(6), by—

(i) deleting the words “one thousanddollars” and substituting the words“two thousand dollars”; and

(ii) deleting the words “two thousanddollars” and substituting the words“four thousand dollars”;

(b) in section 3A(2), by—(i) deleting the words “one thousand

dollars” and substituting the words“two thousand dollars”; and

(ii) deleting the words “two thousanddollars” and substituting the words“four thousand dollars”;

(c) in section 4, by deleting the words “onethousand dollars” and substituting thewords “two thousand dollars”;

(d) in section 6(4), by deleting the words “onethousand dollars and to a further fine of twohundred dollars” and substituting the words“two thousand dollars and to a further fineof four hundred dollars”; and

(e) in section 9(2), by deleting the words “onethousand dollars and to a further fine of twohundred dollars” and substituting the words“two thousand dollars and to a further fineof four hundred dollars”.

9. The Senior Citizens Pension Act is amended—(a) in section 2, by inserting in appropriate

alphabetical sequence the followingdefinitions:

“ “citizen” has the meaningassigned to it in theImmigration Act;

“resident” has themeaning assignedto it in the Immigration Act;”;

Chap. 32:02amended

Chap. 30:52amended

“Chap. 18:01


(b) in section 3, by inserting after subsection (3),the following subsection:

“ (4) In the calculation of SeniorCitizens Pension there shall not betaken into account any lump sumpayments received or interest fromsavings accrued by a senior citizen.”;

(c) in section 4—(i) by deleting the word “sixty” occurring

in subsection (1)(b)(ii) andsubstituting the word “fifty”;

(ii) by repealing subsection (2) andsubstituting the followingsubsection:

“ (2) For the purpose ofcomputing ordinary residencein Trinidad and Tobago undersubsection (1)(b)(i), the periodof temporary absence fromTrinidad and Tobago—

(a) by a senior citizen, notexceeding five years inthe aggregate;

(b) by a senior citizen forthe purpose of employ-ment abroad in theservice of—(i) the Government of

Trinidad andTobago;

(ii) a firm registeredin Trinidad andTobago; or

(iii) a companyincorporated inTrinidadandTobago;and

(c) by a dependent of aperson in the service of


the Government ofTrinidad and Tobagooutside of Trinidad andTobago, for the periodof that service,

shall not be counted as aperiod of absence fromTrinidad and Tobago.”;

(d) in the Schedule, by inserting the following:“exceeding $2,800

10. The Fire Service Act is amended in the FifthSchedule, in clause 3(1), 3(3), 3(4), 3(8) and 3(9), bydeleting the words “one thousand, nine hundred andfifty dollars” and substituting the words “threethousand dollars”.

11. The Teachers’ Pensions Act is amended insection 12(1), by deleting the words “one thousand, ninehundred and fifty dollars” and substituting the words“three thousand dollars”.

12. The Assisted Secondary School Teachers’ PensionsAct is amended in section 11(1), by deleting the words“one thousand, nine hundred and fifty dollars” andsubstituting the words “three thousand dollars”.

13. The Motor Vehicles and Road Traffic Act isamended in the Fourth Schedule, by inserting afterparagraph 7 the following paragraphs:

8. (1) Notwithstanding the requirementsunder this Schedule—

(a) new private or commercial motorvehicles manufactured to usecompressed natural gas; and

(b) used private or commercial motorvehicles manufactured to usecompressed natural gas and notolder than two years from the yearof manufacture,

shall be free from motor vehicles tax.

“No motorvehicle tax onvehiclesmanufacturedto usecompressednatural gas

Chap. 3:03amended

Chap. 35:50amended

Chap. 39:02amended

Chap. 48:50amended

$1,000”.but not exceeding $3,000


(2) This paragraph expires on31st December, 2015.”.

14. The Petroleum Act is amended—(a) in section 2(1), in the definition of

“sub-licence”, by inserting after the words“on land”, the words “or in a marine area”;and

(b) in section 24A, by inserting after the words“on land”, the words “or in a marine area”.

15. (1) The Central Tenders Board Act is amended—(a) in section 19(1), by deleting the words “five

hundred thousand dollars” wherever theyoccur and substituting the words “onemillion dollars”; and

(b) in section 27B, in subsection (2)—(i) in paragraph (a), by deleting the

words “two hundred thousanddollars” and substituting the words“five hundred thousand dollars”;and

(ii) in paragraph (b), by deleting thewords “one million dollars” andsubstituting the words “two milliondollars”.

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

(i) in paragraph (x), by deleting thefull stop and substituting asemicolon; and

(ii) by inserting after paragraph (x),the following paragraph:

“(y) with effect from1stOctober,2010, the special dutyallowance paid to an officeholder in the Police

Chap. 75:01amended

Chap. 71:91amended

Chap.62:01amended


Service, as classified underthe Third Schedule to thePolice Service Act.”;

(b) in section 11(1)—(i) in paragraph (bb), by deleting the

words “subsection (1)(b)” andsubstituting the words “paragraph (b)”;

(ii) by inserting after paragraph (bb),the following paragraphs:

“(bc) with effect from1st January, 2011, wherethat person incursexpenditure on—

(i) the acquisition ofplant, machinery andequipment, excludinginstallation costs, forthe purpose of providinga compressed naturalgas kit andcylinder installationservice; or

(ii) the acquisition andinstallation, in amotor vehicle, of acompressed naturalgas kit and cylinder,

a wear and tearallowance on 130% ofthat expenditure inaccordance wi thparagraph ( b ) andsections 11A and 11B;

Chap. 15:01


(bd) with effect from1st January, 2011, wherea person incursexpenditure on—

(i) the acquisition ofplant, machinery,parts and materialsfor use in themanufacture of solarwater heaters; or

(ii) the acquisition of—(a) wind turbines and

s u p p o r t i n gequipment;

(b) solar photovoltaicsystems ands u p p o r t i n gequipment; or

(c) solar water heaters,

a wear and tear allowanceon 150% of that expendi-ture in accordance withparagraph (b) andsections 11A and 11B;

(be) where a certified EnergyService Company hasacquired plant andmachinery for the pur-pose of conducting energyaudits there shall beallowed an amount ofseventy-five per cent ofthe cost incurred in theyear of acquisition, andthis amount shall be theonly allowance on thisexpenditure for that year;


(bf) the amount of expenditurenot yet allowed underparagraph (be) may beclaimed as a wear andtear allowance in accor-dance with subsection(1)(b) and sections 11Aand 11B from the follow-ing year.”;

(c) in section 18A—

(i) by deleting the word “2003” whereverthey occur and substituting in eachplace the word “2011”;

(ii) in subsection (1), by deleting theword “ten” and substituting theword “eighteen”;

(iii) by repealing subsection (4) andsubstituting the following subsection:

“ (4) Where in a year ofincome, an individualacquires a house by way ofpurchase or constructiontogether with one or moreother individuals to be usedas their residence—

(a) each individual shallbe entitled to thatproportion of theallowance as may havebeen determined amongthemselves; and

(b) the aggregate allowanceshall not exceed eighteenthousand dollars in anyyear.”; and

(iv) by repealing subsection (6);


(d) by inserting after section 27, the followingsection:

27A. (1) Where, in a year ofincome commencing 1st January2011, an individual to whomsection 17 applies makes acovenanted donation to charity,the individual shall be entitled toclaim as a deduction, in ascertaininghis chargeable income for thatyear, an allowance equal to theamount of the covenanted donationpaid during that year, not exceedingfifteen per cent of the total annualincome of that individual.

(2) An individual shall notbe entitled to theallowance under thissection where the deed or otheragreement under which thecovenanted donation to charity ismade, has not been duly stampedin accordance with the Stamp DutyAct by the 31st December of theyear in which the deed or agreementwas executed.

(3) For the purposes of thissection, “covenanted donation tocharity” means a payment under adeed of covenant or otheragreement, made by an individualin favour of—

(a) a sporting body of personsas defined by section 6(2)of the Corporation Tax Actand approved by thePresident in writing;

“Covenanteddonations

Chap. 76:01

Chap. 75:02


(b) an ecclesiastical, charitableor educational institutionof a public character,approved by the Presidentin writing; or

(c) the Children’s Life Fundestablished under theChildren’s Life Fund Act,2010.”;

(e) in section 35, in subsections (2)(b) and (3),by deleting the words “forty per cent” wherethey occur and substituting in each placethe words “twenty-five per cent”;

(f) in section 43—(i) in subsection (1)—

(A) in paragraph (g), byinserting after the word“1979”, the words “but notlater than 31st December,2009”;

(B) by deleting the full stop atthe end of paragraph (g)and inserting a semicolon;and

(C) by inserting the followingnew paragraph:

“(h) four hundred andfifty thousandd o l l a r s , w h e r ec o n s t r u c t i o ncommenced after31st December,2009.”;

(ii) in subsection (3)—(A) in paragraph (g), by

inserting after the word“1979”, the words “butnot later than31st December, 2009”;


(B) by deleting the full stop atthe end of paragraph (g)and inserting asemicolon; and

(C) by inserting the followingnew paragraph:

“(h) four hundred andfifty thousanddollars, where therepairs, alterationsor improvementswere made after31st December,2009.”;

(g) by inserting after section 48A, the followingsections:

48B. Where an individual, in ayear of income commencing1st January, 2011, purchases andinstalls a CNG kit and cylinder inhis motor vehicle, that individualshall be entitled to a tax credit oftwenty-five per cent of the cost ofthe CNG kit and cylinder up to amaximum of ten thousand dollars.48c. Where an individual, in a

year of income commencing 1stJanuary, 2011, purchases solarwater heating equipment forhousehold use, that individualshall be entitled to a tax credit oftwenty-five per cent of the cost ofthe solar water heating equipmentup to a maximum of ten thousanddollars.”;

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

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

Tax crediton solarwaterheatingequipment

“Tax credit onCNG kits andcylinders

“Waiver ofliabilities


(a) interest on outstandingincome tax, further tax,additional tax, withholdingtax and business levy dueand payable for the years ofincome up to and includingthe year 2009, where suchtaxes or levy are paid duringthe period 8th September,2010 to 31st May, 2011;

(b) outstanding interestcharged on any income tax,further tax, additional tax,withholding tax andbusiness levy due andpayable for the years ofincome up to and includingthe year 2009, where suchtaxes and levy have beenpaid prior to 8th September,2010;

(c) all penalties due andpayable on the outstandingincome tax and withholdingtax for the years of incomeup to and including the yearending 31st December,2009, where such taxes arepaid during the period8th September, 2010 to31st May, 2011;

(d) all penalties in respect ofincome tax and withholdingtax due and payable for theyears of income up to andincluding the year ending31st December 2009, wheresuch taxes are paid prior to8th September, 2010, wheresuch penalties have not beenpaid;


(e) penalties on outstandingincome tax returns for theyears of income up to andincluding the year 2009,where such returns are filedduring the period8th September, 2010 to31st May, 2011; and

(f) penalties with respect toincome tax returns for theyears of income up to andincluding the year 2009and filed prior to8th September, 2010, wheresuch penalties have not beenpaid.(2) For the avoidance of

doubt, the waiver granted in thissection shall not–—

(a) affect any liability toincome tax, furthertax, additional tax,withholding tax orbusiness levy due andpayable by a personunder this Act; or

(b) apply to any interestand penalties paid priorto 8th September, 2010.

(3) Where any income taxreturns, income tax, withholdingtax or business levy remainsoutstanding after 31st May, 2011,the interest and penalties, whichwould have been payable on suchreturns, taxes and levies shall berevived and become payable as ifthe waiver in subsection (1) had notbeen granted.”;


(i) in the Seventh Schedule—

(i) in Class A, by deleting from the words“Shop Fittings” to the end;

(ii) by inserting in Class B the followingitems:

“Adding Machines and Calculators—Manual

Billiard Tables

Boats—Barges

Boats—Lighters

Boats—Motor

Boats—Pontoons

Boats—Punts

Boats—Rowing and Sailing

Brick-making Plant—Wallsand Windbreak

Calculating Machines—Hand-operated

Cameras

Cash Registers—Manual

Cigarette Papers—Cutting and Folding Plant

Cigarette—Manufacturing Machinery

Cigarette—Tools and Equipment

Coffee Manufacturing

Cylinders—Gas

Dentists—Fittings

Dentists—Instruments

Dictaphones

Doctors—Instruments


Filing Cabinets

Fire Extinguishers

Fixtures and Fittings

Furniture—Household

Hydraulic Jacks

IceCompanyPlant—Refrigerator

Irrigation—Water Supply

Lighters

Medical Practitioners—Instruments

MedicalPractitioners—RadiumPlaquesandNeedles

Motor Boats

Newspaper Equipment—Linotype metal

Newspaper Equipment—Stereos and Blocks

Newspaper Equipment—Type

OfficeMachines and Equipment—Dictaphones

OfficeMachinesandEquipment—Addressograph

OfficeMachinesandEquipment—CashRegisters

OfficeMachinesandEquipment–ProofMachines–Banks

Office Machines and Equipment—Telephones

PBX Systems

Photography Equipment

Poultry Farmers—Egg Grader

Poultry Farmers—Eggboxes and Fillers

Radio Transceiver Sets

Roadmaking Plant—Utensils for drawing


Safes

Scales—Weighbridge

Sea-craft

Shop Fittings

Vacuum Cleaners

Water Tanks and Pumps

Weighbridges

Wireless Sets.”.

17. (1) The Corporation Tax Act is amended—(a) in sections 10G, 10I, 10J, 10K and 10L, by

deleting the words “one milliondollars” and substituting the words “twomillion dollars” wherever they occur;

(b) in section 10O (6), by—(i) deleting the word “or” at the end of

paragraph (a);(ii) deleting the full stop at the end of

paragraph (b) and inserting thewords “; or”; and

(iii) inserting the following new para-graph:

“(c) the Children’s Life Fundestablished under theChildren’s Life Fund Act,2010.”;

(c) by inserting after 10O, the followingsection:

10P. Where, in a year of incomecommencing 1st January 2011, acompany incurs expenditure inengaging another companycertified as an Energy ServiceCompany by the Minister withresponsibility for energy, for thepurpose of carrying out an auditfor—

Chap. 75:02amended

“Allowance forengagementof energyservicecompanies


(a) the design of energy savingsystems; and

(b) the installation of theenergy saving systems,

in the company, that companyshall be entitled to an allowanceequal to one hundred and fifty percent of the expenditure actuallyincurred.”;

(d) in section 16(1), by deleting the words“commenced before December 31, 2005 andis completed on or before December 31,2007” and substituting the following:

“commenced—(a) before December 31, 2005 and

is completed on or beforeDecember 31, 2007; or

(b) on or after January 1, 2008and is completed on or beforeDecember 31, 2014”.

(2) Paragraph (d) of subsection (1) is deemed tohave come into effect on the 1st day of January, 2008.

18. The Petroleum Taxes Act is amended—

(a) in section 2(1), in the definition of“deepwater”, by deleting the words “onethousand metres” and substituting the words“four hundred metres”;

(b) by deleting section 15(4A) and substitutingthe following subsection:

“ (4A) Notwithstanding subsection (4),a person carrying on any productionbusiness under a production sharingcontract shall not consolidate thatbusiness with any other production

Chap. 75:04amended


business where the contract soprovides.”;

(c) in section 15A—(i) in subsection (1)—

(A) by deleting the words “onor after the coming intooperation of the Finance(No. 2) Act, 2007” andsubstituting the words“during the specifiedperiod”; and

(B) by deleting the words “onor after the coming intooperation of the said Act”and substituting thewords “during thespecified period”;

(ii) in subsection (2)—(A) by deleting the words “on

or after the coming intooperation of the Finance(No. 2) Act, 2007” and sub-stituting the words“during the specifiedperiod”; and

(B) by deleting the words “onor after the coming intooperation of the said Act”and substituting the words“during the specifiedperiod”;

(iii) in subsection (3)—(A) by deleting the words “on

or after the coming intooperation of the Finance(No. 2) Act, 2007” andsubstituting the words“during the specified period”;


(B) by deleting the full stop atthe end of subparagraph(ii) and substituting asemicolon; and

(C) inserting after subpara-graph (ii), the followingsubparagraph:

“(iii) under the productionsharing contractentered into on orafter January 1,2011.”;

(iv) by inserting after subsection (3),the following subsection:

“ (4) In this section, “specifiedperiod” means the periodduring the coming intooperation of the Finance (No. 2)Act, 2007 and November 30th,2010.”;

(d) in section 22(1), by deleting the words “andmarine operations” and substituting thewords “marine operations and marineoperations in a deepwater block”;

(e) by inserting after section 25A, the followingsections:

26. (1) In computing supple-mental petroleum tax, a tax creditof twenty per cent of the qualifyingcapital expenditure incurred inrespect of—

(a) approved developmentactivity in mature marineoil fields;

(b) approved developmentactivity in mature land oilfields; or

“Investmenttax credits


(c) the acquisition of machineryand plant for use inapproved enhanced oilrecovery projects,

is a deduction against thesupplemental petroleum taxassessed.

(2) In this section—“mature marine oil field” or

“mature land oil field”means an oil field that istwenty-five years or olderfrom the date of its firstcommercial production;

“qualifying capitalexpenditure” means—

(a) direct tangible andintangible costs(exclusive of all dryholes) incurred infield developmentactivity in a maturemarine oil field or amature land oil field;or

(b) capital expenditureincurred in theacquisition ofmachinery and plantas specified in theFourth Schedule foruse in enhanced oilrecovery projects.

(3) For the purposes of thissection, all development activitycarried out in—

(a) mature marine oilfield;


(b) mature land oil field;and

(c) enhanced oil recoveryprojects,

shall be approved and certified bythe Minister with responsibility forenergy.

(4) A person carrying onproduction business in a field orproject certified by the Ministerunder subsection (3), shall notifythe Board in the event of anychanges in the classification.

(5) A person whoseexpenditure qualifies for a taxcredit under this section, shall onlyclaim one such tax credit in respectof that expenditure.

(6) In computing thequalifying capital expenditureunder this section, finance,administrative or other indirectcosts shall not be taken intoaccount.

(7) A tax credit under thissection shall be claimed separatelyin respect of land operations,marine operations and marineoperations in a deepwater block.

26A. Tax credits under section26 may be claimed only in thequarter in which the expendituregiving rise to the tax credit wasincurred.

Time forclaiming taxcredits


26B. (1) N o t w i t h s t a n d i n gsection 26A, where in any quarterthe amount of the tax credit cannotbe wholly set off against the taxassessed for the person in thatquarter, the person may requestthat the unclaimed tax credit beset off in any other quarter withinthe same financial year.

(2) For the avoidance ofdoubt, any excess credit shall notbe offset against the tax assessedin any other financial year.

26C. (1) Where any machineryor plant in respect of which a taxcredit is granted under section 26is disposed of within three years ofthe financial year in which the taxcredit was granted, the taxassessed for the quarter of thefinancial year in which the disposaltook place shall be increased by theamount of the tax credit previouslygranted, in respect of the asset sodisposed.

(2) For the purposes ofsubsection (1), machinery or plant isdeemed to be disposed of where it issold, or exchanged or transferredfrom production business to anyother business or from landoperations to marine operations orvice versa or where it is not putinto use within three years of thefinancial year in which the taxcredit was granted.”;

Shortfallsand excessesin tax credits

Disposal ofmachineryand plant


(f) in the First Schedule by deleting the words“For every dollar of the taxable profits of aperson in respect of petroleumoperations—50 per cent.” and substitutingthe following:

“1. For every dollar of the taxableprofits of a person in respect ofpetroleum operations—50 per cent.

2. For every dollar of the taxableprofits of a person in respectof petroleum operations indeepwater—35 per cent.”;

(g) in the Second Schedule in clause 6C(3), bydeleting the words “on or after the cominginto operation of the Finance (No. 2) Act,2007” and substituting the words “duringthe period on or after the coming intooperation of the Finance (No. 2) Act, 2007and November 30th, 2010”;

(h) in Part A of the Third Schedule—(i) in clause 2—

(A) by repealing paragraph(a) and substituting thefollowing:

“(a) where the weightedaverage crude oilprice is U.S. $50.00per barrel or less, notax is chargeable;”;

(B) by inserting after paragraph(c), the following:

“(ca) where theweighted averagecrude oil price isbetween U.S.$90.01 and U.S.


$200.00 per barrel,the tax ischargeable underColumns “A” and“B” of Part B atrates based on thefollowing slidingscale:SPT rate=base

SPT rate +0.2% (P—U.S.$90.00)

base SPT rate =Marine “A”—42%

Marine “B”—33%

SPT =supplementalp e t r o l e umtax

P = weighteda v e r a g ecrude oilprice inUSD;”;

(ii) in clause 3—

(A) by repealing paragraph (a)and substituting thefollowing:

“(a) where the weightedaverage crude oilprice is U.S. $50.00per barrel or less,notax is chargeable;”;


(B) by repealing paragraphs(b), (c), (d), (e) and (f) andsubstituting the following:

“(b) where a personcarriesoutpetroleumoperations in aland area under alicence, sublicenceor contract, the taxis chargeable atthe rates set out inColumn “C” of PartB;

(c) where the weightedaverage crude oilprice is betweenU.S. $90.01 andU.S. $200.00 perbarrel, the tax ischargeable underColumn “C” ofPart B at ratesbased on thefollowing slidingscale:SPT rate= base

SPT rate +0.2% (P—U.S.$90.00)

base SPT rate=Column “C”Land andDeepwater —18%

SPT =supplementalp e t r o l e umtax

P = weightedaverage crudeoil price inUSD;”;


(iii) in clause 8(1), by deleting thewords “Column D” andsubstituting the words“Column C”;

(iv) by inserting after clause 8, thefollowing clause:

9. (1) With effect from 1stJanuary, 2011, the rate ofsupplemental petroleum tax forany mature marine oil field orsmall marine oil field shall bediscounted by twenty per cent.

(2) In this clause—“mature marine oil field”

means a marine oil fieldthat is twenty-five yearsor older from the date ofits first commercialproduction; and

“small marine oil field”means a field that hasproduction levels of 1500barrels or less of oilequivalent per day.

(3) For the purposes of thisclause, the Minister withresponsibility for energy shallcertify the following fields:

(a) mature marine oil field;and

(b) small marine oil field.(4) A person carrying on

production business in a field,certified by the Minister undersubclause (3), shall notify theBoard in the event of any changesin the classification.

“Sustainabilityincentives


(5) A person carrying outproduction business under sub-clause (1) shall only qualify forone such discount in respect of aparticular field.”;

(i) by repealing Part B of the Third Scheduleand substituting the following:

“PART B

SCALE OF SUPPLEMENTAL

PETROLEUM TAX RATES

PRICE U.S. $ RATE %

BETWEEN MARINE LAND AND

DEEPWATER

BLOCK

$ $ A B C

50.00 0 0 0

50.01 and 90.00 42 33 18

90.01 ” 200.00

200.01 and over 64 55 40”; and

(j) by inserting after the Third Schedule, thefollowing Schedule:

“FOURTH SCHEDULE(Section 26)

MACHINERY AND PLANT FOR ENHANCEDOIL RECOVERY TAX CREDIT

Water injection pumps

Water treating equipment

Filtration equipment

Oxygen scavenging equipment

Gas desorption towers

Chemical scavenging units

Biocide treating units

SPT rate=base SPT rate+0.2% (P–$90.00)


Accumulator vesselsSteam generatorsCompressorsBoilersEquipment for use in injector wellsEquipment for use in offtake wellsWellsInstalled pipelinesOther machinery as may be specified by the Minister withresponsibility for energy”.

19. (1) The Value Added Tax Act is amended—(a) in section 54A(1)—

(i) in paragraph (a), by deleting the words“31st December, 2006” and“21st August, 2007 to 30th April,2008” and substituting the words“31st December, 2009” and“8th September, 2010 to 31stMay, 2011”,respectively;

(ii) in paragraph (b), by deleting the words“31st December, 2006” and“21st August, 2007” and substitutingthe words “31st December, 2009” and“8th September, 2010”, respectively;

(iii) in paragraph (c), by deleting the words“31st December, 2006” and“21st August, 2007” and substitutingthe words “31st December, 2009” and“8th September, 2010”, respectively;

(iv) in paragraph (d), by deleting thewords “31st December, 2006” and“21st August, 2007 and 30th April,2008” and substituting the words“31st December, 2009” and“8thSeptember, 2010and31stMay, 2011”,respectively;

Chap. 75:06amended


(v) in paragraph (e), by deleting the words“31st December, 2006” and“21st August, 2007” and substituting thewords “31st December, 2009” and“8th September, 2010”, respectively;

(b) in section 54A(2), in paragraph (b), bydeleting the words “21st August, 2007” andsubstituting the words “8th September,2010”;

(c) in section 54A(3), by deleting the words“30th April, 2008” and substituting thewords “31st May, 2011”;

(d) in Schedule 2, by inserting after item 38,the following items:

“ 39. (1) New private or commercialmotor vehicles manufactured to useCompressed Natural Gas (CNG).

(2) Used private or commercialmotor vehicles, manufactured to useCompressed Natural Gas (CNG) andnot older than two years from the yearof manufacture.

(3) This item expires on the31st December, 2015.40. The items contained in the First

Schedule to the Customs Act, beingsolar water heaters for domestic useand other solar water heaters of tariffheading numbers 8419.19.10 and8419.19.20, respectively.41. The items contained in the First

Schedule to the Customs Act, beingphotovoltaic cells whether or notassembled in modules or made up intopanels; light emitting diodes undertariff head number 8541.40.00.


42. The items contained in the FirstSchedule to the Customs Act, beingwind turbines of tariff heading number8502.31.00 and parts suitable for usesolely or principally with the machinesof heading 8502.31.00.”.

20. (1) The Stamp Duty Act is amended in the FirstSchedule, by inserting after the heading “Lease forany definite term less than one year”, the followingheading:

“Lease of State Agricultural Lands inrespect of small and medium sizedparcels up to a maximum of ten hectares

(2) This section is deemed to have come into effecton the 5th day of March, 2009.

21. The Miscellaneous Taxes Act is amended—(a) in section 62A, by deleting the words “as it

relates to the green fund levy”; and(b) in section 64, by deleting the word

“primarily”.

22. The Customs Act is amended—(a) in the First Schedule, by deleting the words

“Ex 8708.99.90”, “CNG kits with cylinders”,“25%” and “kg” in the first, second, thirdand fourth columns respectively, andsubstituting the words “8708.99.20”,“Compressed Natural Gas (CNG) systems”,“Free” and “kg”, respectively.

(b) in the Third Schedule under the heading“Part A List of Conditional DutyExemptions I—For Approved Industry”, byinserting at the end thereof the followingitem:

“Machinery, equipment, materials andparts for the manufacture or assemblyof solar water heaters.”.

Chap. 76:01amended

Duty$/%Nil”.


Chap. 78:01amended

Chap. 77:01amended

23. (1) The Trinidad and Tobago Free Zones Act isamended in the First Schedule in Part II under theheading “ACTIVITIES WHICH MAY BE CARRIED ONIN A FREE ZONE BUT DO NOT QUALIFY ASAPPROVED ACTIVITIES”, by deleting item 3.

24. (1) The Income Tax (In Aid of Industry) Act isamended in section 16(1), by deleting the words “seventy-five per cent” and substituting the words “ninetyper cent”.

(2) This section is deemed to have come into effecton the 1st day of January, 2010.

25. (1) Payments of any pension made under—

(a) the Judges Salaries and Pensions Act;

(b) the Retiring Allowances (Diplomatic Service)Act;

(c) the Pensions Act;

(d) the Widows’ and Orphans’ Pensions Act;

(e) the Municipal Corporations (Pensions) Act;

(f) the Fire Service Act;

(g) the Teachers’ Pensions Act;

(h) the Assisted Secondary School Teachers’Pensions Act,

between 1st September, 2010 and the coming into forceof this Act are validated.

26. (1) Subject to this section, this Act comes intoforce on the 1st day of January, 2011.

Chap. 81:07amended

Chap. 85:04amended


Validation

Commencement

(2) 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

2 to 7 1st September, 2010

10 to 12 1st September, 2010

13 1st January, 2011 to

31st December, 2015

15 30th July, 2009

16(a) 1st October, 2010

16(g) 1st January, 2010

16(i) 8th September, 2010 to

31st May, 2011

17(d) 1st January, 2008

20 5th March, 2009

24 1st January, 2010

Passed in the House of Representatives this 25th dayof November, 2010.

J. SAMPSON-MEIGUELClerk of the House

Passed in the Senate this 7th day of December, 2010.

N. JAGGASSARClerk of the Senate


PRINTED BY THE GOVERNMENT PRINTER, PORT-OF-SPAINREPUBLIC OF TRINIDAD AND TOBAGO—2010

Documents

Act No. 13 of 2010 - Parliament of Trinidad and Tobago