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Www Houseloanmortgageloans House Loan Mortgage Loans House Szh Mortgage Calculator Amortization Schedule Chart House Loan Mortgage Loans international tax summaries——ST. VINCENT AND THE GRENADINES（1998）
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; Szh hesearchnbsp; House usiness, the Comptroller may waive the requirement to make a distribution. Where excess distributions are made in a year of assessment, the amount of such excess is deemed to be a distribution in relation to the next year of assessment. A controlled company is considered to have made a sufficient distribution if its
dividend payments are a proportion of its after-tax income that the Comptroller deems reasonable.
A dividend is defined as any distribution of the assets of a company, whether in cash or otherwise, to its shareholders, and includes:
Any profit distributed (whether or not of a capital nature);
q Any amount by which the paid-up value of the shares is reduced;
q In a reorganization, any distribution in excess of the paid-up value of the shares;
q In a winding-up, any distribution in excess of the paid-up capital of the company.
29. Loss Carryovers
Losses may be carried forward for up to five years; however, the maximum amount that may be applied to any subsequent year is an amount that would cause the tax for the subsequent year to be one-half of what it would have been without the loss carryforward.
30. Transactions Between Related Parties
These must always be carried out at fair market value.
31. Consolidation of Income
There is no provision for the filing of consolidated tax returns by related corporations.
32. Tax Periods
Income tax is levied for the year ended December 31. Corporations may, with the permission of the Comptroller, compute business profits for a period of 12 months ending in the calendar year.
RELATED CONSIDERATIONS
34. Incentives and Grants
Where any company has been approved as a pioneer enterprise for the manufacture of pioneer products or as a hotel development enterprise, such company shall be exempt from tax to the extent provided under the Fiscal Incentives Act, 1982, and Hotels Aid Act.
Entrepreneurs who are granted Approved Enterprise?status by the Cabinet are entitled to fiscal incentives, which vary with the following classifications of Approved Enterprises:
q Group 1 Enterprise. Fifteen-year tax holiday to an enterprise that adds local value of 50% or more of the total sales of the approved product.
q Group 2 Enterprise. Twelve-year tax holiday for adding local value of between 25% and 50% of total sales of the approved product.
q Group 3 Enterprise. Ten-year tax holiday for adding local content of 10% to 25% of the total sales of the approved product.
q Enclave Enterprise. An enterprise that exports 100% of its production outside the Caricom area may be granted a tax holiday of 15 years.
q Capital Intensive Industry. An approved enterprise that is a highly capital intensive industry, and whose initial capital investment is not less than 25 million EC dollars or its equivalent may be granted a tax holiday of 15 years.
q Hotels. A ten-year tax holiday is granted to a new hotel enterprise, and in accordance with the Hotels Aid Act of 1988, if a hotel constructs an extension of five or more rooms, a ten-year tax holiday is granted on the net earnings from those rooms.
On the expiration of a tax holiday period under the Fiscal
Incentives Act, 1982, the net losses incurred during the period may be carried forward and offset against profits for a five-year period following the tax holiday period. The Act defines net losses as the excess of all losses over all profits earned during the period it was an approved enterprise. Under the 1979 Income Tax Act, if during the last year of a hotel tax holiday period an assessed loss (calculated under the provisions of that act) is incurred, such loss may be carried
forward in accordance with item 29.
35. Exchange Controls
Permission must be obtained from the Ministry of Finance for the remittance of all funds in excess of EC$100,000.00 to nonresidents.
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