GAAR - Trinidad & Tobago - Iatj.net

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St. Lucia • The Appeal Commissioners held that the basis of the assessment was misconceived since it was based on UK law and not the law of St. Lucia. Moreover, the bonus issue of redeemable preference shares was an ordinary business transaction which was not effected to avoid tax so as to bring into operation S.87 of the Income Tax Act. • This approach is more in line with the approach taken in Australia in that a taxpayer is free to choose a course of action which brings him a tax advantage or minimises his liability provided it was a genuine commercial bargain which is not contrived nor possesses any indicia of artificiality 3rd IATJ Assembly Munich 18‐19 October 2012 48
Jamaica • The leading case from the Commonwealth Caribbean on the interpretation and treatment of general antiavoidance measure comes from Jamaica: Seramco v Income Tax Comr. In essence, Co. A whose shares were held by one family had accumulated undistributed profits of 200K sterling. It embarked on a dividend‐stripping operation so that a major part of the profits could be received by the family in such a way as exempt them from tax liability. Co. B purchased the shares of Co. A and set up a superannuation fund for its employees with only 400 sterling to its credit.. 3rd IATJ Assembly Munich 18‐19 October 2012 49
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 and 46: Wide scope of anti‐avoidance prov
Page 47: St. Lucia • It was argued by the
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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