Double-Digit Tax Revenue Growth For Grenada

by Mike Godfrey, Tax-News.com, Washington

19 May 2014

Tax revenues received by the Caribbean territory Grenada have grown by about 15 percent year-on-year, according to statistics released by the Government for the first quarter of 2014.

The Government said that it had reached its target having collected XCD40m (USD14.8m) in revenue per month, up XCD5m on the same period last year.

The Permanent Secretary in the Ministry of Finance, Timothy Antoine, said: "Most of the tax types have performed better, obviously the leading one is the personal income tax. We have also seen improvements in the collection of the property tax."

"We have seen improvements with respect to certain service charges… We continue to work very hard to make sure that everyone is making their contribution. So while we say we have met our targets, which is a fact, we do recognize that there are persons still to come into the net and that is what we are working on."

Grenada has introduced a slew of tax measures in the last year, including raising income tax thresholds, introducing the UN computerized customs tariff administration platform ASYCUDA, taxing unused agricultural land, launching a citizenship by investment program, and enhancing VAT enforcement efforts.

TAGS: Finance | tax | investment | property tax | Grenada | enforcement