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Caribbean territory Grenada has announced that no new taxes will be introduced in the 2016 Budget but the jurisdiction is planning numerous tax administrative changes.
These reforms include the ongoing reorganization of the Inland Revenue Division (IRD) and the enactment of a new Tax Administration Bill, which is already on the legislative agenda.
The IRD recently established a Large and Medium Taxpayers Unit in order to ease interactions with taxpayers and improve revenue collections. A new Small and Micro Taxpayers Unit will be established in 2016.
The Government announced in the Budget that the period for the carry forward of losses will soon be increased from three years to six years. In addition, from January, taxpayers will be able to comply with their income tax obligations electronically, with the Government planning to roll out its electronic tax administration platform beyond value-added tax and property tax compliance.
Other reforms have included a review of tax incentives and the drafting of bankruptcy and insolvency legislation.
In May, the Fiscal Responsibility Law was enacted and is due to come into force on January 1, 2016. The law will introduce a rules-based fiscal policy framework that will support the achievement and maintenance of a debt-to-GDP ratio of 55 percent.
In addition, in October, Grenada became a signatory to the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information.
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