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Grenada: FinMin Outlines Forthcoming VAT Regime,
by Phillip Morton, Investors Offshore.com
Thursday, January 21, 2010
Grenada’s government has confirmed that from February 1, 2010, a value-added
tax (VAT) will be introduced to consolidate its existing levies – the General Consumption
Tax, the Motor Vehicle Purchase Tax, and the Airline Ticket Tax – and broaden
the tax base to ensure that the burden of taxation is distributed more fairly.
According to Grenada’s Minister of Finance, Nazim Burke, VAT is to be
introduced due to changes in the territory’s economy, from a goods-based
economy to one based mainly on services.
Burke explained that in designing the VAT, the government took
on board many lessons of the failed attempt to implement VAT in 1986. For example, the turnover threshold for registration will be XCD120,000 (USD45,889), compared to XCD12,000 in 1986. The standard VAT rate will be 15% - 5% lower than that proposed in 1986.
In addition to those items that are currently zero-rated under the General Consumption Tax (such as staple foods including flour, sugar, rice and milk, vehicle and household fuel, postage stamps, and electricity up to 99 kilowatt hours), bread, certain medicines, domestic water supply, meat and fish, agricultural products, and energy-saving devices will also be zero-rated under the new VAT. Exemptions will apply to, inter alia, medical, veterinary, educational and financial services; domestic transport; and healthcare and nursing services.
Special rates and VAT regimes will apply to tourism (10%) and mobile telecommunication services (20%). Manufacturers will be entitled to rebates or credits against other tax liabilities to support employment generation, export promotion and capital expansion.
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