Wednesday, 14 September 2016

Originally posted as "Financial Planning Tip November 23, 2015 - 002 Joint Ventures & Partnerships"

"In Trinidad and Tobago, there is an Income Tax Return for "PARTNERSHIPS, JOINT VENTURES, TRUSTS AND ESTATES OF DECEASED PERSONS" which has been
Approved by the Board of Inland Revenue under Section 76 of the Income Tax Act, Chap. 75:01."

The content and layout of the form is quite similar to that used by the Non Emolument Income earner, in that there are sections covering:

Green Fund Levy (Schedule Q),

Gross Payments & Distributions (Payments made Residents and non Residents and requires details on Withholding Tax) Schedule E.

Here is a link to the form which was issued for Year of Income 2014 if you are interested in viewing the form and familiarizing yourself with a scope of work which may be outside the norm. See the link for access to the form

Many persons tend to be exposed to corporation and income tax returns, while for many years in Trinidad and Tobago, partnership returns would have  been required for professionals such as accountants, actuaries, attorneys at law. Some of these partnerships may have had partners with limited liability and partners with "unlimited liability".

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