October 31, 2007
Cigarette Co ordered to pay $2B in taxes
THE Revenue Court yesterday ruled that the Cigarette Company of Jamaica (CCJ) should pay $2.17 billion in taxes on money the company transferred to its parent, Carreras Group, over the six years to 2002.
In 2004, the commissioner of the Taxpayer Audit and Assessment Department (TAAD), had asserted that the CCJ, now in voluntary liquidation and formerly the subsidiary of Carreras, racked up $5.72 billion in taxes and penalties between 1997 and 2002.
The amount was based on the TAAD’s claim that CCJ had made distributions to Carreras.
