Home' Trinidad and Tobago Guardian : November 7th 2013 Contents NOVEMBER 2013 • WEEK ONE www.guardian.co.tt BUSINESS GUARDIAN
COVER STORY | BG5
Gilbert referred to the top five accounting firms' Arthur
Andersen (no longer in existence), Deloitte and Touche, Ernst
and Young, KPMG Peat Marwick and PricewaterhouseCoop-
ers---and how some of these big international players collapsed
because of a failure to adhere to proper accounting standards.
"But I agree that what happened to Enron and similar com-
panies---and at one time there was the Big Five accounting
firms and now we have Big Four---is not knowing the true
state of their liabilities," he said.
He spoke to the Business Guardian on Friday at the T&T
Professional Centre, Fitzblackman Drive, Woodbrook, Port-
Gilbert said the accounting profession in T&T is only one
part of the entire regulatory system in T&T that oversees the
"We are only one of the legs in the regulatory system.
Remember, there are other regulators and one of the major
problems in the country right now is corporate governance.
We now have the T&T Governance Group which has just got
together and they are formulating different codes and this
would help a lot."
Gilbert said it is necessary for all parts of the regulatory
system to work together to prevent cases like CL Financial
and the Hindu Credit Union from repeating themselves.
"The accountancy profession must do its part, the Central
Bank must do its part, the T&T Securities and Exchange Com-
mission must do its part, the Financial Intelligence Unit must
also do it part. The regulators must come together as the
weakest part in any chain always leaves the doors open for
many things. After all we are dealing with human beings, there
will always be good human beings, there will always be bad
human beings. So once someone breaks the rules, then that
person must be dealt with correctly, so it will be a hindrance
from others doing it," Gilbert said.
Nicole Joseph, vice chair, tax committee, ICATT, who was
interviewed along with Gilbert, spoke about the tax conference
ICATT will be hosting. It is a three-day international taxation
conference in collaboration with the International Bureau of
Fiscal Documentation (IBFD) entitled, Treaties and Transfer
Pricing Aspects of International Tax Planning, to be held from
November 13-15 at the Hyatt Regency Trinidad hotel on Dock
Road, Port of Spain.
"The course will be tailor-made for T&T taking into account
all the treaties T&T has entered into with other territories.
The speakers will come from IBFD in Amsterdam," she said.
She called T&T s economy "diverse" and said there are
inevitably tax issues that arise due to all the multinational
companies that operate here.
"T&T economy is very diverse and we have a lot of global
companies who operate here and there would be a lot of trans-
actions among parties all over the world. Tax issues will come
up, for example, when someone makes a payment for a royalty
or a payment is made for some sort of financing. In most
cases there will be issues surrounding taxes," Joseph said.
Some of the topics on the conference agenda include current
developments in international tax planning, transfer pricing
issues in related-party financing agreements and transfer
pricing and permanent establishment issues associated with
supply chain restructuring.
"The buzz word now is transfer pricing issues, which the
Minister of Finance mentioned in the last budget. His proposal
is to introduce legislation that would specifically deal with
this. This is how goods and services are priced between related
parties. So if a company has its head office in Houston and
the subsidiary is in T&T, that office provides services for T&T
on how they deal with this for tax purposes. If transfer pricing
policies do not exist, then some companies can manipulate
profits," she said.
Anil Bridglal, member of ICATT s tax committee, said part
of the institution s thrust is educating the public, which is
why conferences like this one are held.
"The thrust the tax committee has now is to make sure
that all the tax professionals in T&T continue development,"
ICATT's Nicole Joseph
and Anil Bridglal
complex tax issues
ICATT will be hosting a three-day inter-
national taxation conference in collabora-
tion with the International Bureau of
Fiscal Documentation (IBFD) entitled,
Treaties and Transfer Pricing Aspects of
International Tax Planning.
This will take place from November 13-
15 at the Hyatt Regency Trinidad hotel
on Dock Road, Port-of-Spain.
It is necessary for all parts of the regulatory system to work together to prevent
cases like CL Financial and the Hindu Credit Union from repeating themselves.
Links Archive November 6th 2013 November 8th 2013 Navigation Previous Page Next Page