VOLUME: XII INCOME TAX PART: Preliminary (ss 1-2) CHAPTER: 52:01

1. Short title

This Act may be cited as the Income Tax Act.

2. Interpretation

In this Act, unless the context otherwise requires"accounting period", in relation to any person, means the period for which that person makes up the accounts of his or her business; "agent" includes any partnership, company or other body of persons, corporate or unincorporate, which is acting as an agent; "approved benefit fund" means a fund which, in respect of any tax year, the Commissioner General is satisfied is a permanent fund bona fide established for the purpose of providing sickness, accident or unemployment benefits for its members, or mainly for such a purpose; and also for the purpose of providing benefits for the widows, children, dependants or nominees of deceased members;
15 of 1999, s. 2(a)(i). "approved financial operations" means those operations specified in a tax certificate granted by the Minister under section 138;

"approved provident fund" means a permanent fund or scheme bona fide established for providing such benefits as may be prescribed by the Minister, other than those provided by an approved superannuation fund; "approved superannuation fund" means a permanent fund, or a scheme which provides for the establishment and administration of such scheme exclusively by an insurer, and in either case bona fide established for the purpose of providing such pensions, annuities or other benefits as may be prescribed by the Minister; "assessable income" means assessable income as defined in section 37; "assessed loss" means an assessed loss determined under section 82 9 of 2001, s. 2(a). or the loss assessed under section 78(3) in respect of the carrying on of a business, and shall not include a loss, incurred on the disposal of a property, which is ascertained in accordance with the Tenth Schedule;