Carreras loses tax appeal
THE Privy Council yesterday dismissed an appeal on a $107.8 million tax assessment brought before it by the Carreras Group Limited. Cost was awarded to the stamp commissioner.
The case related to Carreras’ 1999 sale of its subsidiary, the Jamaica Biscuit Company, to the Trinidadian Company Caribbean Brands for US$37.7 million.
Carreras argued that the transaction should be treated as a reorganisation rather than the transfer of assets on which it should pay taxes as the Jamaican authorities had insisted.
Group financial director Marlene Sutherland said the $107,791,519, representing the amount assessed, had already been paid to the stamp commissioner on May 10, 1999, leaving only legal costs to be remitted.
