GAAR - Trinidad & Tobago - Iatj.net

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Salient features of <strong>GAAR</strong> ‣An arrangement which results, directly or indirectly, in a tax benefit is presumed an avoidance arrangement unless the person obtaining the tax benefit proves that obtaining the tax benefit was not the main purpose of the arrangement ‣The <strong>GAAR</strong> would apply if the avoidance transaction results in abuse or misuse of the Act or a tax treaty ‣The tax benefits are denied and transaction recharacterised with reasonable tax consequences ‣(Mittal, 2010) 3rd IATJ Assembly Munich 18‐19 October 2012 8
Review of Anti‐Avoidance principles • 1. Westminster doctrine led to outbreak of aggressive tax planning • 2. Courts responded with various techniques including the fiscal nullity doctrine which allows the Revenue to look at the substance of the taxpayer’s situation in determining liability to tax and ignoring a number of linked or sequential steps that have no commercial purpose save tax avoidance • 3. Lack of comprehensive regulatory laws led to uncertainty and inconsistent decisions by the Courts and other tribunals 3rd IATJ Assembly Munich 18‐19 October 2012 9
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: Royal Commission on the Taxation of
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 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 59 and 60:
3rd IATJ Assembly Munich 18‐19 Oc
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
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GAAR - Trinidad & Tobago - Iatj.net

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