GAAR - Trinidad & Tobago - Iatj.net
GAAR - Trinidad & Tobago - Iatj.net
GAAR - Trinidad & Tobago - Iatj.net
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Wide scope of the anti‐avoidance<br />
provision<br />
• 2. The prime reason for remittances being sent to the<br />
Bahamas company was to reduce tax in <strong>Trinidad</strong> and<br />
<strong>Tobago</strong>. The court took account of the fact that the<br />
remittances were being sent to a tax haven where no<br />
income tax was payable and thus it was not normal to<br />
expect that large sums would remain idle in a current<br />
account and not earn interest but could be expected to be<br />
invested on short term deposits or savings account and<br />
moreover the target company for the remittances was an<br />
associated company under common control<br />
3rd IATJ Assembly Munich 18‐19 October 2012 44