GAAR - Trinidad & Tobago - Iatj.net

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Jamaica • The trustees of the fund entered into an agreement with the family to purchase all the issued shares of Co. B for 407,934 and the family were given the option to repurchase the shares for 215,904 payable by 8 instalments. The only way the first instalment could be met by the Trustees would be from dividends declared by Co. A in favour of Co. B. The family therefore stood to benefit by receiving instalments of capital for the sale of their shares with an option to buy back the shares instead of receiving the distributed profits by way of dividends upon which income tax would be payable 3rd IATJ Assembly Munich 18‐19 October 2012 50
Jamaica • The Privy Council held that it was impossible to regard the transaction as a genuine exercise by the trustees of their powers of investment or as a genuine sale by the family of their shares for a price payable by instalments accompanied by what was no more than an ‘option’ to repurchase them. There was an irresistible inference that the parties had never contemplated that the shares would not be retransferred as soon as the first 4 instalments were paid. Accordingly, the transaction was properly described as ‘artificial’ within the meaning of the Jamaican statute. 3rd IATJ Assembly Munich 18‐19 October 2012 51
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 and 48: St. Lucia • It was argued by the
Page 49: Jamaica • The leading case from t
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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