GAAR - Trinidad & Tobago - Iatj.net

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Closing thoughts • The question as to whether tax avoidance is desirable or undesirable in a moral sense remains an open debate. • In his ‘Wealth of Nations’, Adam Smith laid down two important canons of taxation: the citizen should be taxed in accordance with his means; and secondly, that the tax which an individual is required to pay should be certain and should not be left to the arbitrary discretion of the Revenue. • The inequalities created by tax avoidance arise mainly from the opportunities available to persons in varying economic circumstances and success often depends on the skill and techniques of the lawyer and/or accountant. 3rd IATJ Assembly Munich 18‐19 October 2012 66
Closing thoughts • Adam Smith often lamented the injustices and the inequalities which tax avoidance arouses in those who are unwilling to practice it or those who are unable to benefit from it. • He emphasised the substantial loss to the community which results from tax avoidance devices, not only in terms of revenue, but in the hidden loss resulting from the preoccupation of some of the best brains in the country on one side or the other of the avoidance battle. 3rd IATJ Assembly Munich 18‐19 October 2012 67
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ANTHONY DJ GAFOOR TRINIDAD & TOBAGO
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Topical nature of Anti‐Avoidance
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Distinguishing Tax Evasion, Avoidan
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Royal Commission on the Taxation of
Page 9 and 10:
Review of Anti‐Avoidance principl
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Review of Anti‐Avoidance principl
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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 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: Lessons to be learnt • The need f
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GAAR - Trinidad & Tobago - Iatj.net

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