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HMRC internal manual

Double Taxation Relief Manual

Trinidad and Tobago: Tax spared

The agreement provides for credit to be given for tax `spared’ (see INTM161270 & 161280) in Trinidad and Tobago under the laws of Trinidad and Tobago set out in Article 23(2).

Relief may also be given for tax `spared’ under the Free Zones Act 1988 (as amended by the FA 1991) where

i) the approved enterprise is engaged in manufacturing in a free zone (but not where the enterprise is engaged in international trading in products or the export of services from a free zone); and

ii) the product being manufactured could have been considered an approved product under the Fiscal Incentives Act 1979 and is not listed in Schedule 1 of that Act.

Credit for tax spared should be reported as per INTM161290.