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Benefits to Corporate Citizens (T & T) buying Art
(1) Where in a year of income, a company incurs expenditure in respect of an artistic work, there shall be allowed as a deduction, in ascertaining the chargeable profits of the company for that year of income, an allowance equal to the actual expenditure incurred up to a maximum of two million dollars.
(2) In respect of a visual work of art
(a) the deduction may only be claimed in respect of the initial acquisition of the work; and
(b) the deduction be allowed where the work
(i) is done by a national of Trinidad and Tobago; and
(ii) is certified by an art gallery, which shall submit a valuation of the work done
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