b'FORGING TRANSFORMATION. FOSTERING SUSTAINABILITY. NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2018(Expressed in Trinidad and Tobago Dollars)22. Related party transactions and balancesParties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operating decisions. These transactions were carried out on normal terms and conditions at market rates.The following table provides the total amount of balances and transactions, which have been entered into with related parties for the relevant financial year.i.Transactions with related partiesDuring the years ended 30 June 2018 and 2017, NIBTT carried out the following significant transactions with related parties during the course of normal operations:20182017$000$000Net investments/(redemptions) in debt of subsidiary companies16,79517,323Interest received62,057 60,83678,85278,159ii.Balances due from related partiesThe amounts due from related companies comprise the following:Balance due378,511391,026iii.Transactions with key management personnelIn addition to their salaries, NIBTT also provides non-cash benefits to executive officers and contributes to a post-employment defined benefit plan on their behalf. The key management personnel compensations are as follows:20182017$000$000Short-term employee benefits3,4773,784Post-employment benefits1,9001,206Balance due5,3774,99023.TaxationThe fund was established under the laws of Trinidad and Tobago and is not subject to income, capital gains or other corporate taxes. The funds operations do not subject it to taxation in any other jurisdictions, except for withholding taxes imposed by certain countries on investment income and capital gains for investments domiciled in those countries.63'