ST. GEORGE’S, GRENADA, WEDNESDAY, March 03, 2010: The Minister of Finance, Hon. V. Nazim Burke, yesterday (March 2, 2010), met with members of the Indian and Syrian business communities, to discuss issues relating to the implementation of the Value Added Tax (VAT).
In his introductory remarks, the Minister explained that this meeting was called, “as part of the Ministry’s thrust to forge partnerships and build trust between government and the business sector.” He further stated that, “the Ministry continues to engage all sectors of the economy thereby improving working relations and economic opportunities.”
Minister Burke also took the opportunity to re-emphasize the importance of the VAT, the obligations under the VAT Act, and other economic policies as presented in the 2010 Budget. The Minister commended the attendees for their large turn out which he thinks is a demonstration of their interest in forging good working relations with Government.
The members of the business communities took the opportunity to seek clarification on the VAT with respect to billing, the issuance of receipts and other legislative issues and to express their concerns and offer suggestions for improved VAT implementation. They also spoke extensively on the slow-down in the economy, explaining that the current economic conditions are having a detrimental effect on their businesses, and that they sometimes have to forego profits in order to generate sales.
The Director of Private Sector Development, Mr. Christopher De Riggs, assured them that Government is doing all in its power to revitalize the economy. He explained that the Government is currently engaging several investors in an effort to start development projects which will stimulate jobs in the construction sector, one of the sectors hardest hit by the current economic downturn.
The expectations coming out of this meeting are that the Ministry will now have a better working relationship with these two business communities; there will be more dialogue and better understanding between the two; and that the VAT obligations would be better administered by these businesses in their daily operations.
The meeting was also attended by the Permanent Secretary, the Comptroller of Inland Revenue, the Head of the VAT Unit, and other senior officials of the Ministry of Finance.
