GAAR - Trinidad & Tobago - Iatj.net

Specific case law elucidating the
statutory provisions
• Z Estates v BIR (taxpayer and his wife owned almost
all the shares in a property company sold land he had
bought for $169,350 in 1954‐57 to the company for
$3,187,000 held to be an arbitrary figure not reflective
of the open market value; the sale price was
colourable and the Court upheld the Revenue’s
position to disregard the transaction and the artificial
costs attributed to the land) (see also Wahid Sumadh
v BIR; Myerson v BIR).
3rd IATJ Assembly Munich 18‐19 October 2012 40