St Vincent Gov accelerates tax reform

The government of St Vincent and the Grenadines has outlined its plan to accelerate tax reform, to deal with the reduction in customs duties expected from the introduction of free trade with Europe.



In his budget address to parliament, Prime Minister and minister of finance, Dr Ralph Gonsalves, said one stage of the reform, the value added tax, had been successfully introduced.



Dr Gonsalves said the government wanted to create a tax system that is efficient, equitable and simple, while providing adequate and stable revenue.



He also announced a reduction of about 18 percent in spending on major infrastructural projects over the next year.