A fillip for Grenada’s efforts to show-up itself as a major international financial centre.
Official say Grenada has successfully completed the first phase of a review of its tax laws.
That’s according to the body carrying out the review the Organisation for Economic Co-operation and Development, OECD.
Assessors found Grenada was compliant with eight of the ten assessment criteria.
One criterion was not applicable and the other was not compliant.
The not compliant criterion was influenced by local tax laws that do not require offshore companies to retain vouchers for all transactions for a period of at least five years.
This review was conducted during October and November last year by the Global Forum, the operational arm of the OECD.
The findings of the assessment team were recently endorsed and confirmed by the Global Forum Peer Review Plenary in Spain last week.
Grenada was represented at the Madrid plenary by the Deputy Executive Director of the Grenada Authority for the Regulation of Financial Institutions (GARFIN) Niguel Streete and Attorney Marion Suit.
A statement from the Ministry of Finance says Grenada’s success at the first phase is an important milestone.
The phase two review will be conducted in the second half of next year.
It will assess corrections to any deficiencies in the phase I review and examine Grenada’s performance under its existing tax information exchange agreements.©