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Grenada To Introduce VAT,
by Phillip Morton, Investors Offshore.com
Monday, July 06, 2009
Grenada’s government has released a white paper proposing the implementation
of Value-Added Tax (VAT) in the jurisdiction, scheduled for February 1, 2010. According
to Minister of Finance Nazim Burke its implementation is a vital ‘grapple
with the ramifications of the global and economic and financial recession, allowing
the government to restore growth and achieve fiscal balance’.
“It is our intention to use the VAT as a catalysis in restructuring the
entire tax system to make it more responsive to economic development, simple to
administer, and more importantly, create a new culture of voluntary tax compliance,”
Burke underlined within the white paper.
The introduction of VAT in Grenada will not be an additional tax but instead
will harmonize the country’s levies under a more efficient system. The
implementation of VAT will consolidate Grenada’s General Consumption Tax,
Airline Ticket Tax and Motor Vehicle Purchase Tax under one centralized levy.
According to Burke, under the VAT, the tax base will be broader (more goods
and services will be included), allowing VAT to be introduced at a lower rate
compared to the standard rate General Consumption Tax.
“The VAT as proposed and contained in the VAT Bill now before Parliament
must be seen as an instrument that would facilitate investment, provide incentives
to exporters and in general make our country internationally competitive,”
urged Burke.
“It is in this context that the rate proposed for VAT is in harmony with
the rest of our Caribbean countries. VAT has now become a common feature within
Caribbean Community (CARICOM) countries,” added Burke.
During the last two years, VAT has been introduced in Dominica, Belize, Guyana,
St. Vincent and the Grenadines, while Antigua and Barbuda. St. Lucia and St.
Kitts recently announced their intention to join the list of over 130 countries
where VAT is in operation.
The government’s white paper, open for public dissemination and discussion,
outlines its policies and proposals as contained in the VAT Bill, required for
a successful implementation and efficient operation of VAT in Grenada.
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