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St Kitts And Nevis To Undergo Comprehensive Tax Reform Review,
by Amanda Banks, Tax-News.com, London
Wednesday, October 17, 2007
St. Kitts and Nevis Prime Minister Denzil Douglas has announced that comprehensive
tax reform and continued attention to the jurisdiction's anti-money laundering
laws will be a priority for the government in the medium term.
Addressing the recent National Consultation on the Economy, Douglas explained that
the need for tax reform will arise in the context of regionalisation.
“We are making every effort to ensure that we carry out an extensive
review of our tax system in order to ensure that government revenues remain
adequate to provide the services which our citizens expect and demand,”
he told the 300 people attending the conference.
The Prime Minister revealed that the government expects to conduct a review
of the country's tax system, which will, among other things, evaluate the feasibility
of introducing a transaction-based tax such as VAT, and examine how the current
tax system can be streamlined. This review will be undertaken with the assistance
of the Caribbean Regional Technical Assistance Centre (CARTAC), he explained.
"This will also include an intense education and information-sharing campaign,”
added Douglas.
The Prime Minister told the conference that the government has been complying
with new financial market requirements since the September 11 attacks, despite
the high cost of implementing these for a small nation like St Kitts & Nevis.
"This has been very costly for us as a small economy putting systems in
place to assure the international community that we have measures in place to
combat money laundering and terrorist financing,” he revealed.
St Kitts & Nevis is due to undergo an Anti-Money Laundering review by the
Caribbean Financial Action Task Force, Douglas disclosed.
He also used the occasion to urge all citizens, in particular service providers
and those engaged in the provision of banking and other financial services “to
ensure that they continue to adhere to the regulations and procedures that we
have put in place in our jurisdiction in order to ensure that the assessment
results are positive for our country”.
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