GAAR - Trinidad & Tobago - Iatj.net
GAAR - Trinidad & Tobago - Iatj.net
GAAR - Trinidad & Tobago - Iatj.net
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Review of Anti‐Avoidance principles<br />
• 4. The necessity of implementing legislative measures<br />
was carried out in Australia, Canada, South Africa and<br />
lately in India but not yet in the Commonwealth<br />
Caribbean<br />
• 5. <strong>GAAR</strong> generally reflects the substance over form<br />
principle unlike the Westminster principle which<br />
reflects form over substance<br />
• 6. Thus a transaction can be considered void for tax<br />
purposes if there is no business reason underlying the<br />
transaction or if it is given a legal form which does not<br />
correspond to its actual character<br />
3rd IATJ Assembly Munich 18‐19 October 2012 10