TRANSACTIONS

Tax

Acting for and advising a well-known international drilling company in a corporation tax appeal involving the disallowance of a significant claim for rig wear and tear measuring in the tens of millions, which resulted in a full reversal of the disallowance by the Board of Inland Revenue prior to trial. [Mark Morgan, Jon Paul Mouttet]

Instructing junior and senior counsel in a tax appeal involving an international US based upstream oil and gas company that challenged an assessment of significant withholding tax for two separate income years (over TT$100M in aggregate) on dividend payments which should have been fully protected against withholding tax through the operation of a structure utilizing the CARICOM Double Taxation Treaty, ultimately resulting in full concessions by the Board of Inland Revenue in respect of both years prior to trial. [Jon Paul Mouttet]

Acting for the local subsidiary of an international Canadian based bank that challenged an assessment of corporation tax liability resulting from the Board of Inland Revenue attempting to tax interest payments in favour of the bank which, by virtue of the CARICOM Double Taxation Treaty, were exempt from Trinidad and Tobago taxation, ultimately resulting in a full concession by the Board of Inland Revenue on this issue prior to trial. [Mark Morgan, Jon Paul Mouttet]

Acting for a well-known US based international energy service provider in negotiations with the Board of Inland Revenue that had raised substantial VAT assessments against the company, ultimately resulting in a reduction of over 60% of the assessed VAT liability and avoiding the need for the lodging of a formal appeal. [Mark Morgan, Jon Paul Mouttet]

Acting for an international bank in a corporation tax appeal relating to a bond sale transaction with a tax saving element that had been challenged by the Board of Inland Revenue, ultimately resulting in a full concession by the Board of Inland Revenue prior to trial. [Mark Morgan, Jon Paul Mouttet]

Acting for an international tobacco company in a tax appeal whereby the Board of Inland Revenue sought to disallow various deductions so as to assess the company to millions of dollars in additional corporation tax liability, ultimately resulting in the Board of Inland Revenue conceding the portions of the disallowance contested by the company prior to trial. [Mark Morgan, Jon Paul Mouttet]

Acting for an international aviation company in tax appeals whereby the Board of Inland Revenue sought to disallow certain claims for wear and tear and maintenance expenses claimed on plant and equipment to the value of tens of millions of dollars in respect of two separate income years, ultimately resulting in the Board of Inland Revenue conceding that the disallowances should be allowed in full with respect of both income years prior to trial. [Mark Morgan, Jon Paul Mouttet]

Acting for a European based international energy service company in a corporation tax appeal that involved multiple issues relating to the reclassification and disallowance of certain claimed expenses and allowances resulting in considerable increase in corporation tax liability, ultimately resulting in the Board of Inland Revenue conceding the appeal in full prior to trial on the basis of various legal arguments, including a limitation defence that had not been recognized prior to the Firm being briefed. [Mark Morgan, Jon Paul Mouttet]

Acting for a European based industrial gases manufacturer in a corporation tax appeal involving multiple issues regarding the disallowance of the carry forward of prior year tax losses due to the historical sale of the company, the imputation of additional interest income and the disallowance of various expenses (including deductions for loan interest and rates and taxes), ultimately resulting in the full allowance of the prior year tax losses and expense deductions (measuring together in the hundreds of millions) as well as a negotiated settlement with respect to the imputed interest income that was acceptable to the client prior to trial. [Mark Morgan, Jon Paul Mouttet]

Advising a well-known North American industrial manufacturer with respect to the carry forward of tax losses incurred during a fiscal holiday and on complex issues relating to the operation and maintenance of structures utilizing the CARICOM Double Taxation Treaty for the purposes of mitigating withholding tax. [Mark Morgan, Jon Paul Mouttet]

Advising and assisting (together with a tax team from one of the Big Four Accounting Firms) a consortium of investors made up of two well-known international petrochemical companies and a local conglomerate with respect to the fiscal incentives and free zone regimes available in Trinidad and Tobago as well as various other matters relating to structural tax efficiency. [Jon Paul Mouttet, Mark Morgan]

Successfully negotiating tax appeal proceedings for the local subsidiary of a large international automotive company leading to a complete concession by the Board of Inland Revenue and a reversal of a tax claim of several million dollars. [Mark Morgan, Jon Paul Mouttet]

Successfully negotiating tax appeal proceedings for the local publically owned affiliate of a large international bank leading to a complete concession by the Board of Inland Revenue to be entitled to tax income from certain tax free instruments in the hands of transferees leading to the reversal of a multi-million dollar tax claim. [Mark Morgan, Jon Paul Mouttet]

Advising an international oil and gas operator on the operational mechanics of the Petroleum Fund and Subsidy and the Price of Petroleum Products Order. [Jon Paul MouttetMark Morgan]

Advising an international offshore publicly listed oil and gas service company on issues relating to withholding tax, double taxation treaty mitigation and artificiality and transfer pricing issues. [Mark Morgan, Jon Paul Mouttet]

Advising an international industrial concern interested in investing in Trinidad and Tobago on applicable taxes, fiscal incentives and other issues related to tax and double taxation treaty mitigation. [Mark Morgan, Jon Paul Mouttet]

Advising an international equipment supplier on the closure of its Trinidad and Tobago branch operations and the restructuring of employment and other aspects of its business so that such could continue without a local branch or tax presence. [Jeffrey Herrera]

Advising an international shipping tanker company specializing in the transport of petroleum and petrochemicals on issues relating to valued added tax, corporation tax, income tax, double taxation treaty mitigation, PAYE and permitting implications of a bunkering operation in Trinidad and Tobago. [Jeffrey Herrera, Jon Paul Mouttet]

Advising an international oil and gas service company on the petroleum tax, royalties, capital allowance, impost, levy and subsidy issues in relation to its proposed bid for a public private joint venture arrangement in relation to certain onshore and offshore oil and gas blocks. [Jon Paul Mouttet, Mark Morgan]

Advising an international bank preparing to establish a mutual fund abroad and intending to market such fund and invest assets in Trinidad as to, among other things, corporation tax, permanent establishment and other associated tax issues. [Jeffrey Herrera]

Advising multiple clients involved in acquisition and divestment transactions (in relation to shares and assets) on the tax consequences associated with their proposed transactions, including among other things, issues relating to the applicability and mitigation of stamp duty. [Jon Paul Mouttet, Mark Morgan]

Acting for multiple clfients across business sectors in ongoing appeals before the Tax Appeal Board involving, corporation tax, income tax, valued added tax, withholding tax and PAYE issues. [Mark Morgan, Jon Paul Mouttet]