Business View Caribbean - Jan 2024

11 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 1 OPENING L INES Grenada’s Administration and Management Taxation System has entered a new phase as a result of funding from the World Bank and the Digital Governance for Resilience (DG4R) initiative. The recently implemented Grenada Tax (GTAX), instituted digitisation of the Inland Revenue Division’s tax administration system, along with other government services, is expected to facilitate ease of doing business to the public. The Ministry of Finance says this programme, which will be implemented gradually over the course of 2024, is a crucial part of the Government’s commitment to a comprehensive national transformation. It also ushers in a new era and a major advancement in the IRD’s operational procedures. Migration to digital processes will also facilitate the IRD’s broader strategic shift from a traditional tax collection agency to a more robust and customer-focused division that will act as a supportive partner and educator to taxpayers. The renewed focus on stakeholders’ needs and operational efficiencies will mark the defining features of the IRD’s ongoing focus on digitisation. Initially, the IRD will target large and medium- sized businesses and will make available three- monthly tax types for online filing and payments: Value Added Tax (VAT), Pay As You Earn (PAYE), and Corporate Income Tax (CIT) Installments. The second phase, set to roll out in the last quarter of 2024, embraces all tax types, where a complete package of online services will be made available to businesses, individuals, and property owners. Grenada: New digital tax administration system launched GTAX Source: ht tps://caribbean.loopnews.com/ , Caribbean news editor, First Published Jan 26, 2024 During the progression to the new system, taxpayers will enjoy a grace period to complete their full online registration with a valid email address by visiting tax.gov.gd Sheena Lewis, Acting Comptroller of the IRD, said she is excited about the benefits this new system will bring everyone. Lewis remarked, “For the IRD, this new IT system