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Caribbean Should Cooperate On Tax Policies: IMF

by Mike Godfrey, Lowtax.net, Washington
24 June, 2014

The International Monetary Fund (IMF) has said that members of the Eastern Caribbean Currency Union (ECCU) should cooperate more deeply on tax policy matters, in particular to mitigate tax competition.

In a statement released following the 2014 discussion on the common policies of the ECCU, the IMF emphasized the need for ambitious, credible medium-term fiscal consolidation to put public debt on a sustainable path in member territories. It said that a comprehensive regional strategy is vital to strengthening financial stability and avoiding contingent fiscal risks.

To reduce fiscal imbalances, the IMF recommended a coordinated regional strategy to streamline tax incentives, reduce intra-regional tax competition, and enhance transparency in tax systems.

The organization also underscored the need for prudent management of citizenship by investment programs, backed by strong due diligence and a transparent operational framework.

The ECCU comprises Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines.

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