GAAR - Trinidad & Tobago - Iatj.net
GAAR - Trinidad & Tobago - Iatj.net
GAAR - Trinidad & Tobago - Iatj.net
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Salient features of <strong>GAAR</strong><br />
‣An arrangement which results, directly or indirectly,<br />
in a tax benefit is presumed an avoidance<br />
arrangement unless the person obtaining the tax<br />
benefit proves that obtaining the tax benefit was not<br />
the main purpose of the arrangement<br />
‣The <strong>GAAR</strong> would apply if the avoidance transaction<br />
results in abuse or misuse of the Act or a tax treaty<br />
‣The tax benefits are denied and transaction recharacterised<br />
with reasonable tax consequences<br />
‣(Mittal, 2010)<br />
3rd IATJ Assembly Munich 18‐19 October 2012 8