OECS Heads Discuss Tax Reform
Heads of government from the Organisation of Eastern Caribbean States (OECS)
met in Anguilla this week, where they discussed ways of bringing their tax
systems into compliance with global trade rules. During the first working session of the 42nd Meeting of Heads of Government
of the OECS, it was pointed out that countries within the group need to move
quickly on tax reform in order to ease their traditional reliance on customs
and import duties and maintain the stability of their fiscal
performance. Given the drive towards free trade globally, this is a serious concern for
some countries, especially as some levies could be open to a challenge by the
World Trade Organisation. For example, 86% of Antigua & Barbuda's revenues
come from customs and consumption taxes. In recognition of this, Antigua's Minister of Finance and the Economy, Dr.
the Errol Cort, has announced that a new tax, to be known as the 'ABST', a VAT-type
tax on consumption, is one element in a wider process of tax reform taking place
in the jurisdiction aimed at shoring up revenues and promoting greater efficiency
in tax administration. The nine OECS Member States include Anguilla, Antigua and Barbuda, the BVI,
Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia and St. Vincent
and the Grenadines. A comprehensive report in our Intelligence Report series giving background tax and residence information on many of the key offshore jurisdictions is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report4.asp
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