GAAR - Trinidad & Tobago - Iatj.net

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Other Caribbean jurisdictions: St. Lucia • In Chasmin v Comptroller of Inland Revenue, a trading company which had restructured and rationalised its operations accumulated a substantial sum in its capital reserve account and chose to capitalise its reserves instead of declaring a dividend by issuing fully paid up bonus redeemable preference shares. The Comptroller assessed the taxpayer shareholders to income tax on the full value of the bonus redeemable shares in the year in which they were issued. 3rd IATJ Assembly Munich 18‐19 October 2012 46
St. Lucia • It was argued by the Comptroller that the capital gains could have been distributed as dividends when tax would have been payable; that by so doing, the company secured a tax advantage for its shareholders; that, as a result, the Comptroller could counteract or nullify the tax advantage by treating the bonus issue as if it had never occurred. 3rd IATJ Assembly Munich 18‐19 October 2012 47
Page 1 and 2: ANTHONY DJ GAFOOR TRINIDAD & TOBAGO
Page 3 and 4: Topical nature of Anti‐Avoidance
Page 5 and 6: Distinguishing Tax Evasion, Avoidan
Page 7 and 8: Royal Commission on the Taxation of
Page 9 and 10: Review of Anti‐Avoidance principl
Page 11 and 12: Review of Anti‐Avoidance principl
Page 13 and 14: Common Law jurisdictions • Have i
Page 15 and 16: International tax evasion and avoid
Page 17 and 18: Hybrid developments • These may b
Page 19 and 20: Tax Treaties • Bilateral tax trea
Page 21 and 22: • However, for many developing co
Page 23 and 24: 3rd IATJ Assembly Munich 18‐19 Oc
Page 25 and 26: Revised Treaty of Chaguaramas • T
Page 27 and 28: Revised Treaty of Chaguaramas • I
Page 31 and 32: Treatment of anti‐avoidance in th
Page 33 and 34: Leading anti‐avoidance cases in t
Page 35 and 36: Jamaica and Barbados • These are
Page 37 and 38: GAAR in the Caribbean • Typically
Page 39 and 40: Artificial transactions • Artific
Page 43 and 44: Wide scope of the anti‐avoidance
Page 45: Wide scope of anti‐avoidance prov
Page 49 and 50: Jamaica • The leading case from t
Page 51 and 52: Jamaica • The Privy Council held
Page 53 and 54: Consequences of invoking the genera
Page 55 and 56: Specific Anti‐Avoidance Provision
Page 57 and 58: (3) Where a person transfers proper
Page 61 and 62: Background • In 1980s‐1990s, a
Page 63 and 64: Arguments • The rhetorical contes
Page 65 and 66: Lessons to be learnt • The need f
Page 67 and 68: Closing thoughts • Adam Smith oft

GAAR - Trinidad & Tobago - Iatj.net

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