CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Grenada Presents 2016 Budget Statement

Grenada Presents 2016 Budget Statement

by Mike Godfrey,, Washington

03 December 2015

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.

TAGS: Citizenship | Insurance | Institutions | Currency | tax | investment | property tax | tax incentives | fiscal policy | FATCA | law | budget | Grenada | offshore | legislation | tax rates | Investment | Invest | Other | Banking | Investment | Tax

To see today's news, click here.


Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »

Stay Updated

Please enter your email address to join the mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.

To manage your mailing list preferences, please click here »