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Jump to full article: Jamaica Gleaner (jm), 2007-11-02
Author: Susan Gordon, Business Reporter
Intro: Carreras Limited has lost its four-year legal battle with tax collectors, but can claim some level of vindication from a High-Court decision that has freed it from paying out billions in penalties, while holding it liable for the original taxes.
The Taxpayer Audit and Assessment Department (TAAD) had assessed the Cigarette Company of Jamaica (CCJ), a now defunct subsidiary of Carreras, as owing $5.7 billion in taxes and penalties, saying the company had failed to pay taxes on a transaction between them.
On Wednesday, the Revenue Court, a division of Jamaica's Supreme Court, threw out Carrera's appeal of the TAAD assessment, and ruled that the company must pay the $2.17 billion in taxes.
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