GAAR - Trinidad & Tobago - Iatj.net
GAAR - Trinidad & Tobago - Iatj.net
GAAR - Trinidad & Tobago - Iatj.net
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Other Caribbean jurisdictions:<br />
St. Lucia<br />
• In Chasmin v Comptroller of Inland Revenue, a trading<br />
company which had restructured and rationalised its<br />
operations accumulated a substantial sum in its<br />
capital reserve account and chose to capitalise its<br />
reserves instead of declaring a dividend by issuing<br />
fully paid up bonus redeemable preference shares.<br />
The Comptroller assessed the taxpayer shareholders<br />
to income tax on the full value of the bonus<br />
redeemable shares in the year in which they were<br />
issued.<br />
3rd IATJ Assembly Munich 18‐19 October 2012 46