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Today’s Top Headlines

IMF To Support Guyana On VAT Reform

by Mike Godfrey,, Washington

21 July 2016

A team from the International Monetary Fund will visit Caribbean territory Guyana next month to discuss proposals put forward for a two percent reduction to the headline value-added tax rate.

The IMF team will comment on the feasibility of the recommendations of a Tax Reform Committee established by the previous government.

The Committee had proposed creating a progressive income tax system with rates between 20 and 35 percent; the reintroduction of estate duties; and levies on tobacco and alcohol.

Its headline recommendation was that the VAT rate be reduced from 16 percent to 14 percent and an intermediate rate of seven percent created. There would also be a reduction to the list of items exempt from VAT.

TAGS: VAT rates | tax | value added tax (VAT) | Grenada | Tax

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