In its judgment handed down on Wednesday October 31, 2007, the Revenue Court has dismissed Cigarette Company of Jamaica CCJ’s appeal and ruled that the income tax assessed at J$2,172 million be paid by CCJ but remitted the matter of the penalty of J$3,544 million to the Commissioner for reconsideration with a recommendation that the Commissioner impose either a nil penalty or a nominal one in an amount not exceeding 5% of the total ax payable.
Carreras Ltd. wishes to advise the public the CCJ will be seeking the advise of its legal team on the prospects of an appeal and that adequate sums have been retained over the course of the liquidation of CCJ to cover the amount of the assessment which will now have to be paid in accordance with the Rules of the Revenue Court.
