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Republic Corporate Tax Incentive Savings Plan
About the Republic 134(6) Corporate Tax Incentive Savings Plan
Republic’s Trust Services Division and Republic Wealth Management Ltd. (established July 1, 2014 and formerly the asset management arm of the Trust and Asset Management Division [established 1938] of Republic Bank) combine their expertise to provide our two (2) corporate retirement savings plans which grants benefits to both employers and employees.
The Republic 134 (6) Corporate Tax Incentive Savings Plans are designed under the provisions of the Income Tax Act of Trinidad & Tobago section 134(6). These provisions allow an employee’s earnings categorised as bonus and allowance income to be paid tax-free directly by the employer into a plan to generate retirement benefits for the employee.
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Republic 134(6) Corporate Tax Incentive Savings Plan (CTISP)
Employers can contribute directly to this approved plan on behalf of their employees. The sum of contributions made to both corporate and personal plans must not exceed the higher of 33 1/3% of the employee’s chargeable income or 20% of the employee’s emolument income. All contributions made by the employer are fully tax deductible. -
Republic 134(6) Corporate Equity Tax Incentive Savings Plan (CETISP)
Although it shares similar features with CTISP, the Republic 134(6) CETISP further enhances potential investment returns through a portfolio of primarily equity securities. The investment managers at Republic Wealth Management Ltd. (established July 1, 2014 and formerly the asset management arm of the Trust and Asset Management Division [established 1938] of Republic Bank) manage this portfolio, taking into consideration prevailing economic and capital market conditions, seeking at all times to optimise returns consistent with the risk profile of the plan.
To achieve long-term growth, primarily through income and capital appreciation to provide investors with returns that will assist them in meeting their retirement goals.
Republic Wealth Management Ltd. (established July 1, 2014 and formerly the asset management arm of the Trust and Asset Management Division [established 1938] of Republic Bank) manages the CTISP and CETISP portfolios. We were the first bank to offer this type of retirement investment product in Trinidad and Tobago.
Republic Wealth Management Ltd. has a knowledgeable investment team with over fifty years in investment management experience and manages billions in assets on behalf of individuals and institutional clients.
We make setting up Republic 134(6) Corporate TISP for your executives and employees an easy and affordable goal. We know that many employers do not like the hassle and paperwork associated with traditional pension plans.
With the Republic 134(6) Corporate TISP all you do is:
With the Republic 134(6) Corporate TISP all you do is:
- Make the decision to set up the plan
- Issue monthly cheques to cover the contributions
- Ensure that contributions made remain within the annual limit
- Open and maintain all accounts
- Obtain approval from BIR for initial certificates
- Provide annual statements
- Complete all documentation (at your office or ours)
- Make all investment decisions
- Provide you with periodic performance updates on your investment
ALL THIS IS ABSOLUTELY FREE TO YOU!
Republic 134(6) Corporate Tax Incentive Savings Plan
- Rate declared annually
- Interest rate net of all charges
- Interest is paid retroactively, based on the minimum monthly balance of the account for the previous year
The price per unit of the fund is calculated daily, based on the net asset value of all securities in the portfolio. Income is reinvested in the fund, so that gains are reflected as an increase in the net asset value of the units held.
Benefits to both Employers and Employees
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Employees receive the benefit of having tax-free contributions made to their pension plan.
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How to Apply?
Simply contact any one of our Marketing Officers who will provide additional information and help you open your Republic 134(6) Corporate Tax Incentive Savings Plans and your Republic 134(6) Corporate Equity Tax Incentive Savings Plans.
Contact us
Interested investors can call 1-868-625-4411 extension 69918 or send an email to invest@rfhl.com
Documentation Needed
Before visiting our branches, ensure you have:
Two (2) forms of Identification (e.g. National Identification Card, Passport or Driver's Licence)
Recent Utility Bill; Authorization Letter if Bill is not in your name
Job Letter
Pay slip
Required Deposit for opening
Proof of Board of Inland Revenue Number
Disclaimer
This investment is not insured with the Deposit Insurance Corporation in Trinidad and Tobago or guaranteed by any of the parties involved. This investment and any income from it may fluctuate from time to time and the investor may not receive the amount originally invested. Past performance is not necessarily a guide to future performance. Information on current interest rates, fees and charges applicable to this product and any other service is available upon request at any of our branches.
