Tighter measures for tax compliance

The Comptroller at the Inland Revenue Department (IRD) now has the legal authority to look deeper into the financial accounts of people deemed to be tax evaders in the country.

The Income Tax (Amendment) Bill was passed in the Upper House of Parliament last week Friday paving the way for the IRD Comptroller to exercise more investigative responsibility in unearthing evaders of tax payment.

Government Senator, Norland Cox who piloted the Bill indicated that the amendment is critical to the Comptroller in the execution and administration of the duties of the IRD with regards to tax collection.

Sen. Cox said the amendment now gives the Comptroller the authority to obtain the accurate, required and relevant information about tax evaders.
The cash-strapped ruling New National Party (NNP) government of Prime Minister Dr. Keith Mitchell has been forced to look at ways to raise revenue as part of a Structural Adjustment Programme (SAP) that is being closely monitored by Fund (IMF).

Grenada is saddled with a debt of close to EC$2.7 billion with a sizeable portion due to bondholders in the United States and Europe.

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