Grenada Commits to Tax Transparency

February 14, 2012 Taxation in Grenada

Grenada Commits to Transparency and More Information SharingSAINT GEORGE’S – Grenada will strive to uphold the highest standards of tax transparency and an effective system for the international exchange of tax information, committing to meet the standards of international best practices and to further improve its national finance regulations.

According to a statement issued by the government of Grenada on February 13th , this Caribbean national is resolved to maintain the fight against money laundering and uphold international standards for information sharing, placing new restrictions on licensing of financial institutions and setting to maintain several information sharing goals.

The government of Grenada will ensure that it provides adequate information regarding taxpayers at the request of its international partners, where it is deemed that the information could be relevant to the administration and enforcement of tax laws. The government will also expend efforts to guarantee that the information exchanged is dealt with on a basis of strict confidentiality and full respect is shown the rights of the taxpayer. Grenada will continue to ensure that no restrictions are placed on the exchange of information by bank secrecy and by domestic tax regulations, and all necessary steps will be taken to obtain and maintain reliable information about taxpayers.

Grenada also reaffirmed its dedication to the fight against international money laundering and financing of terrorism, saying that the government is strongly committed to the implementation of the policy changes and recommendations of the Financial Action Task Force.

In an effort to further solidify its commitment to international tax transparency standards, the government of Grenada has established a new committee charged with developing a comprehensive strategy for building and regulating an international financial services sector in the country. The Committee is expected to present an initial report in mid-2012. The government has also issued a moratorium on licensing new financial institutions, until a thorough review and update has been conducted of the current legislations for financial service providers.

Photo by missmeng