inside Finance vol 8 issue 1 newest.cdr

Transcription

GRENADA
A Publication of the Ministry of Finance, Planning, Economy, Energy & Cooperatives
Volume 8, Issue 1, January - May 2012
ASYCUDA
– Easing the Hassle for Importers and Exporters of Goods
The Division of Customs and Excise of
the Ministry of Finance officially
launched the ASYCUDA World
System on Monday 16th April 2012 at
their new building, a 'one stop shop'
facility, at the Grenada Ports Authority.
The ASYCUDA World System is an
Automated System for Customs Data
which allows for faster clearance of
goods at the port. The introduction of
this system falls under Grenada
Technical Assistance Credit Project
(GDTAC Project.) (See page 6)
Under the GDTAC Project, the Customs Division has benefited from
initiatives geared towards the enhancement of efficiency and
effectiveness of its operations. The Customs Division, by
utilizing modern Customs Management tools such as
the upgrading of the Automated System
Continues on pg 9
Now available online at www.gov.gd/documents.html and click on documents newsletters
INSIDE
GRENADA
RECORDS
STRONGER
THAN MARGINAL
GROWTH
ST. GEORGE'S, GRENADA Wednesday, May
23, 2012: The Caribbean Development Bank
(CDB), which is the region's premier development
banking institution, in its annual review of regional
economies, highlighted Grenada's “stronger than
marginal growth” for 2011.
Minister Burke and other leaders at CDB Board of Governors meeting.
Picture source CDB
In a May 23rd, 2012, News Release coming out of
the Cayman Islands, where the CDB's 42nd Annual
Continues on pg. 4
“... the engine room of the Public Service...”
We are on Facebook,
look for Finance Grenada
IN 2011 (ACCORDING TO THE CDB)
Editor’s Note
have rejected an applicant based on information they found
online. In total, nearly one in five companies has disciplined or
fired an employee for social media misdeeds.” In 2010, over
21 percent of companies with more than 1,000 workers,
disciplined employees for violating social networking
policies, compared with 13 percent in 2008. In addition,
about 9 percent have fired an employee for these violations,
which more than doubles the 4 percent two years prior.
This information was obtained from a survey conducted
by Proofpoint Inc., an e-mail security company.
One may think that this does not pertain to us in Grenada.
However, this is so untrue since our younger population in
particular, uses social media so extensively, that sooner or
later employers may have no choice but to start using the
social media as a means of doing background checks
etcetera, and then we may see the statistics as those quoted
previously.
Don't Get
Fired Because of the
Social Media
The Social media has become so much a part of our
everyday lives that from time to time one can hear persons
commenting that they cannot imagine what life would be
like without its existence.
It is no secret that social media has brought with it many
benefits to individuals as well as businesses alike. A recent
release of ACE Canada® Podcast is quoted as stating, “The
opportunity to interact with anyone, anywhere, anytime is too
world-changing to ignore. It has altered the traditional media
expectation of consumers listening passively to radio and
television broadcasts, or reading newspapers and magazines,
with no hope of an immediate interaction. With Social Media,
all that changed….it has changed the way companies approach
advertising and promotion through the media…” However
the article went on to state: “It's important to understand the
considerable downside that coexists with the remarkable
upside of using social media…”
This downside includes risks associated with security,
reputation assassination/defamation of character, privacy,
fraud, and employment, to name a few. Of all the risks, I
want to concentrate the remainder of this discourse on the
risks of the social media to one's employment.
According to The Allentown Morning Call, “Seventy
percent of recruiters and hiring managers in the United States
As a means of curbing the instance of becoming a statistic
for being fired as a result of the social media, here are a few
examples of social media faux pas (transgressions) that have
lead to the statistics quoted.
• Employees bashing their employers and clients, or
declaring their search for a new job via face book or
their Twitter account, For example, seven employees
at Farm Boy, a Canadian grocery store, were fired after
they started a Facebook group called "I Got Farm
Boy'd." The group featured a picture of the company's
logo surrounded by a red circle with a slash through
the center and made derogatory comments about the
store and its customers. Also A young woman in the
United Kingdom was fired in August 2009 after
posting on her Facebook page, "OMG I HATE MY
JOB!! My boss is a total pervvy…” The boss responded
with a few comments of his own, ending with, "And
lastly, you also seem to have forgotten that you have
two weeks left on your six-month trial period. Don't
bother coming in tomorrow. I'll pop your P45 in the
post and you can come in whenever you like to pick up
any stuff you've left here. And yes, I'm serious."
• Workers posting inappropriate pictures and videos to
YouTube, reflecting poorly on the company. For
example, a former high school teacher in Georgia was
forced to resign when her principal questioned her
Facebook page, which included an expletive and
photos of her holding wine and beer. Also in April
2009 two Domino's Pizza employees posted a video
on YouTube that showed one employee filming
another sticking cheese inside his nose and passing gas
on the food -- implying it would be delivered to
customers from the store!
Continues on pg. 4
2 Finance
INSIDE
development. But we will not be able to sustain
this growth if it favors the few, and not the
many.”
This observation by President Obama' Ladies and
Gentlemen, points to the importance of trade in
economic development and the critical need for us as
small open underdeveloped economies to do
whatever is necessary to take full advantage of any
and all opportunities under the EPA.
This can only be achieved if we understand what
those opportunities are.
Grenada and the region can benefit from the
opportunities of:
· duty free, quota free access to the EU
market;
· simplified rules of origin for CARIFORUM
goods;
· and unprecedented access to certain
services;
Hon. V. Nazim Burke
Minister's Note
Trade in Services in the EPA
Adapted from Remarks
made at Workshop in last
quarter of 2011
The Economic Partnership Agreement (EPA) is both
a Trade and Development Agreement.
The trade provisions require legislative and regulatory
reforms at the regional and national levels that ensure
removal of restrictions to free trade.
The development cooperation provisions commit the
European Union to support those reforms and to
assist Member States build institutional and technical
capacity to implement the Agreement.
In characterizing the state of the global economy and
the challenges it poses for our future, United States
President Barak Obama observed that:
“This is the moment when we must build on the
wealth that open markets have created, and share
its benefits more equitably. Trade has been a
cornerstone of our growth and global
Grenadian Service Providers can have temporary
access to EU markets to supply services in twentynine service sectors ranging from accounting
services, to architectural services to fashion model
services, entertainment services, computer and
related services, tour operators and tourist guide
services to name a few.
Our economy is a services oriented economy. Our
government has identified five sectors to transform
the economy in the medium to long term. Three of
the five transformational sectors are services
oriented. These three services oriented
transformational sectors are Education Health and
Wellness Services, Tourism and Hospitality Services
and Information and Communication Technology
(ICT). The other sectors are Agribusiness and
Energy Development.
It is important that we understand this
opportunities that exist for trade in services. Such an
understanding will allow business persons to
identify the areas of specific interest to his/her
business and to make strategic business decisions. It
must be noted that if our service providers are to
realize the opportunities that abound in this
Agreement, it is critical that the requisite
certification and accreditation be attained. This I am
sure, will be addressed through our local office.
Continues on pg. 4
Finance 3
INSIDE
Minister's Message continued from pg. 3
Many pundits have questioned the commitment of
Member States of the Cariforum to implement the
EPA. These pundits argue that since the signature of
the EPA in October 2008 and its provisional
application in December of that year, progress
towards implementation has been slow.
We believe the biggest constraints to
implementation appear to be insufficient capacity
at the national level and the unavailability of
ADEQUATE financing to support
implementation.
In Grenada, we have started the process of
implementation of the EPA in earnest with the
establishment of the EPA Implementation Unit in
April 2011. The Unit is staffed by a Coordinator and
two Officers.
We are in the process of recruiting a Legal Counsel to
assist with the legislative and regulatory work.
The Unit working steadfastly in the implementation
process.
Government's role in this process is to ensure the
legislative, regulatory and institutional frameworks
are in place to give effect to its obligations under the
Agreement.
In so doing, government will involve its partners and
stakeholders, through the sharing of information,
as well as the holding of meetings and consultations
to hear their concerns and receive the input and
recommendations of stakeholders.
I call on all stakeholders to work together with
government to ensure that Grenada achieve as much
benefits it can from the market access opportunities
of the EPA.
I end with a quote from the nineteenth century
Scottish writer Robert Louis Stevenson who said
and I quote: “don't judge each day by the harvest you
reap, but by the seeds you plant”.
May we all continue to plant the seeds that will allow
Grenada to blossom into the dynamic prosperous
country it has the potential to be.
Editor’s Note continued from pg. 2
• Posting confidential details. For example in 2008 in
the U.K., a juror was dismissed when she posted details
of the trial on her Facebook page. "I don't know which
way to go, so I'm holding a poll," she wrote.
• Making fun of people, especially co-workers. For
example, a firefighter/paramedic in South Carolina
was fired after he posted on Facebook an animated
video that he created, depicting a doctor and a
paramedic, which resembled some of his co-workers,
and that was deemed "derogatory."
• Playing “hooky” and then posting about it. A Swiss
insurance worker called in sick, telling her employer
that she could not sit in front of a computer and
needed to lie in the dark. She got caught however,
when a colleague saw that she was active on
Facebook. Her employer said her dismissal was more
about abuse of trust than her Facebook activity.
So be careful what you do in this era of technology and the
world being this global social network that it is, for you
never know “what can come back to bite you”, as is said in
local parlance. As rightfully said in the ACE Canada®
Podcast, “in a more “open and transparent” world, “people
will be held to the consequences of their actions and be more
likely to behave responsibly.”
Petra
Grenada Records Stronger than Marginal Growth In 2011 continued from front page
Board of Governors Meeting is currently being held,
the CDB is reported as stating that “Caribbean
Community (CARICOM) countries recorded mixed
economic growth last year as they continued to
grapple with the fallout from the global economic and
financial crisis. The growth ranged from a downturn
in countries like Trinidad and Tobago, Antigua and
Barbuda and St. Vincent and the Grenadines to
marginal growth in CARICOM countries like
Barbados, St. Lucia and the British Virgin Islands.”
However, “The Bahamas, Belize Dominica, Jamaica
and Grenada all recorded “stronger than marginal
growth” while only Haiti and Guyana had economic
growth in excess of five per cent.”
4 Finance
INSIDE
Grenada's Finance Minister and Governor on the
CDB Board, Hon. V. Nazim Burke who is
representing Grenada at the Annual Meetings,
welcomed this finding of the CDB and noted that
“Grenada continues to make slow but steady progress
in its economic recovery”.
Also representing Grenada at the meetings are: Mr.
Timothy Antoine (Alternate Governor, CDB) and
Mr. Mervin Haynes (Director, CDB).
The CDB Annual Meetings provide the forum for key
decision making with respect to the strategic priorities
of the Bank.
“Although real GDP declined for a second year in
2010, falling by 1.4 percent, there are some signs of a
modest recovery this year. Tourism activity has
picked up in the first quarter of 2011 compared to last
year, agricultural output is expected to be higher, and
construction is expected to grow as some previously
delayed projects start. With growth in 2011 expected
to be in the range of 1 to 1.5 percent, the authorities
continue to face challenging circumstances. There are
significant downside risks both from domestic and
external factors. These risks stem from potential
further increases in international prices of food and
fuel, and a slower-than-expected recovery in advanced
countries, which would affect the tourism sector and
lead to a slow recovery on employment and growth.
STATEMENT BY AN IMF
MISSION TO GRENADA
An International Monetary Fund (IMF) mission led
by Ms. Nita Thacker visited St. George's during
March 14–22 to conduct discussions on the second
review of the government's economic program
supported by the IMF's Extended Credit Facility
(ECF) approved on April 2, 2010. The mission held
discussions with the Minister of Finance Hon. Nazim
Burke, Permanent Secretary of the Ministry of
Finance Mr. Timothy Antoine, senior officials of
various ministries, heads of statutory bodies,
representatives from the political opposition, the
financial sector and the business community. At the
conclusion of the visit, Ms. Thacker issued the
following statement:
“The mission had useful discussions on the second
review under the IMF's Extended Credit Facility
program. The main elements for recommending a
completion of the review have been agreed upon.
Some remaining work to complete the required
documentation is expected to be finalized in the
coming weeks.
“The mission commended Grenada's authorities for
addressing some of the structural impediments to
private sector growth. There has been a reduction in
the number of days it takes to start a business, a
reduction in the number of days to register property
due to simplification of procedures, and the
establishment of a separate land registry. In addition,
the cost and time needed for trading across borders
have also decreased.
“Preliminary data indicate that the quantitative
performance criteria on external debt accumulation
have been met. The primary deficit (excluding grants)
exceeded the target envisaged in the program by a
moderate amount. The authorities remain firmly
committed to fiscal consolidation to reduce the debt
service-to-revenue ratio in the medium and long term
allowing for a better allocation of resources for
priority spending, while cognizant of the significant
challenges ahead given the downside risks to the
economic outlook.
“Significant progress has been made on the structural
front, notwithstanding delays in some areas. In
particular, the supervision of the non-banking
financial sector has improved, but the introduction of
the new customs platform and the establishment of a
Public Procurement Unit has been delayed. The
authorities remain committed to move this agenda
forward.
“The mission thanks the authorities for their warm
hospitality and close cooperation it received during its
stay in Grenada.”
Finance 5
INSIDE
GRENADA TECHNICAL ASSISTANCE
CREDIT PROJECT UPDATE
ST. GEORGE'S GRENADA, Friday, May 18, 2012: the
Grenada Technical Assistance Credit (GDTAC) Project
continues to co-ordinate reform activities to improve the
efficiency and effectiveness of the Customs Division,
Inland Revenue Division, Ministry of Trade, Grenada
Bureau of Standard and the Grenada Industrial
Development Corporation.
Implementation of several components is progressing well.
These components include:
1. ASYCUDA Implementation at the Customs Department.
On April 16 2012, the Declaration, Selectivity and
Accounting Module of the ASYCUDA World System was
launched at St. George's Port. Roll out of the system will be
subsequently carried out at the other Ports in Grenada.
Minister Burke and Ms. Carvelle Lett
(head of the Asycuda Unit) cutting ribbon to open office
Arrangements are being made to launch this module in
Carriacou in early June 2012.
It therefore means that the process of clearing goods at the
Customs Department can be done more efficiently. The
Department continues to provide assistance to
Stakeholders to effectively use the system.
2. Customer Service Training and Training Needs
Assessment at the Customs and Excise Department
The staff of the Customs and Excise Division are more
conscious of the important role that excellent customer
service plays in attaining successful performance. To
support this activity the Division recently concluded a
Customer Service Consultancy during the period
December 2010 to April 2012. All levels of staff at the
Division were exposed to and benefitted from the Training
and a select group was trained to provide continuous
training and monitoring of the service provided.
6 Finance
INSIDE
3. Establishment of a Planning Unit within the Inland
Revenue Department
The Inland Revenue Division benefitted from a
Consultancy for the establishment of a Planning Unit
within the Division. The consultancy was conducted
during the period October 2011 – April 2012. This
involved the creation of a Planning and Monitoring Unit
and Development of an Organizational Chart along with
defined job descriptions and functions.
Identified members of staff have received training and the
implementation of the recommendations for the Unit has
commenced.
4. Development of a Trade Portal at the Ministry of
Environment and Trade
The firm Digital Business Ltd of Trinidad and Tobago
continues to work on the Design and Development a
Trade Information Portal for the Ministry of Trade. The
Prototype of the Trade Portal was reviewed by Trade
Officers and key stakeholders and has been finalized.
Trade Officers, manufacturers and potential exporters
were trained to maintain and utilize the facility. Seven
(7) computers are being procured and will be strategically
located throughout Grenada and Carriacou for use by
manufacturers and exporters who do not have access to
computers and internet services. The Division plans to
officially launch the Portal/Website soon.
5. Implementation of an Investment Promotion Strategy
The Grenada Industrial Development Corporation
officially launched the Grenada National Investment
Generation Strategy and the rebranding of the entity on
26 April 2012. The strategy listed a subset of
transformational sectors for the enhancement of
Government's overall economic development. The areas
are:
i) Tourism and Hospitality
ii) Health/Education and Wellness Services
iii) Agribusiness
iv) Information and Communication Technology
v) Energy Development
The objective of the Strategy is to improve the efficiency
and effectiveness of the investment generation system by
creating conditions geared towards increasing the
attractiveness of the target sectors.
New way of Stealing - Part 3
He then gave me back my card but kept the phone in
his hand as if he was still pressing buttons.
Meanwhile, I'm thinking: I wonder what he is taking a
picture of, oblivious to what was really going on.
It then dawned on me: the only thing there was my
credit card, so now I'm paying close attention to what
he is doing. He set his phone on the counter, leaving it
open. About five seconds later, I heard the chime that
tells you that the picture has been saved.
Now I'm standing there struggling with the fact that
this boy just took a picture of my credit card.
Yes, he played it off well, because had we not had the
same kind of phone, I probably would never have
known what happened.
This is an actual experience:
“Yesterday I went into a pizza restaurant to pick up an
order that I had called in. I paid by using my Visa
Check Card which, of course, is linked directly to my
checking account.
The young man behind the counter took my card,
swiped it, then laid it on the counter as he waited for
the approval, which is pretty standard procedure.
While he waited, he picked up his cell phone and
started dialing. I noticed the phone because it is the
same model I have, but nothing seemed out of the
ordinary. ? Then I heard a click that sounded like my
phone sounds when I take a picture.
Needless to say, I immediately cancelled that card as I
was walking out of the pizza parlor.
All I am saying is, be aware of your surroundings at all
times.
Whenever you are using your credit card take caution
and don't be careless.
Notice who is standing near you and what they are
doing when you use your card.
Be aware of phones, because many have a camera
phone these days.
BE AWARE Never let your credit card out of your
sight.....check and check again!”
Tip
FINANCIAL
Goal Setting
Set a concrete, attainable financial goal for each month and stick to that goal.
SAVE FOR EMERGENCIES
Everyday put all your small change in a container. After a month check to see how much money
could be saving rather painlessly. Consider using that spare change to build or add to an emergency
fund.
Finance 7
INSIDE
ECCU GOVERNMENTS UPDATE As of February 2012:
BRITISH-AMERICAN INSURANCE COMPANY (BAICO)
AND
CLICO INTERNATIONAL LIFE INSURANCE COMPANY (CIL)]
Statement
On October 21, 2011, the ECCU Governments
through the communiqué of the Monetary Council
provided an update on the implementation of the
BAICO restructuring strategy.
This release provides the first update for 2012 on
progress in respect of BAICO and CIL matters.
include individuals, as well as important institutions
within the ECCU, such as banks and credit unions.
Funding is still being sought from the Government
of Trinidad and Tobago in order to provide financial
support to these policyholders.
Litigation by BAICO
1. BRITISH-AMERICAN INSURANCE
COMPANY
Progress of the sale of BAICO's Traditional
Insurance Business
We expect that the process for the sale of the
traditional insurance business of BAICO in the
ECCU will be completed well before the end of this
year.
A number of bidders are currently participating in the
sale process, and we anticipate that a bidder will be
selected and formal documentation entered into
around the end of the first quarter of 2012.
Once final documentation is agreed with the
purchaser, the process of obtaining approvals of the
transfers throughout the ECCU and in The Bahamas
will commence. This is the final phase of the process
of selling BAICO's traditional business.
Assisting BAICO's non-traditional policyholders
The ECCU Governments have continued work
necessary to identify how it will be possible to provide
assistance to BAICO's policyholders in the ECCU
who have non-traditional policies, such as Executive
Flexible Premium Annuities (EFPA), and who will
thus not have their policies participate in the sale of
BAICO's traditional business. These policyholders
Litigation is continuing in Trinidad and Tobago by
BAICO against CL Financial for the recovery of a
US$49.5 million debt owed by CL Financial to
BAICO.
Importantly, BAICO has also commenced litigation
in the United States by filing a complaint against
BAICO's former directors for alleged breach of their
fiduciary duties by entering into a series of
speculative real estate investments in the United
States which caused harm to BAICO including
rendering it insolvent. The complaint also includes
claims against other parties connected with the real
estate transaction. Some of the former directors
being sued include Lawrence Duprey and Brian
Brancker.
ECCU/BAICO Health Insurance Support Fund
(“Fund”)
As planned, the Fund, established by the ECCU
Governments to meet BAICO's obligations to
claimants under Health Insurance policies, closed
for applications on December 31, 2011 after over
seven months of operation.
The Fund has received over 1,300 Applications for
assistance, and is ultimately expected to pay out in
excess of EC$3 million to health insurance
policyholders.
Continues on pg. 9
8 Finance
INSIDE
Update on British American and Clico cont'd from pg. 8
2. CLICO INTERNATIONAL LIFE
INSURANCE COMPANY (CIL)
On April 14, 2011, Deloitte Consulting Ltd.
(“Deloitte”) was appointed as Judicial Manager of
CIL's head office operations in Barbados. Deloitte has
also been appointed as Judicial Manager of CIL's
branches in Grenada, St. Vincent, Dominica, Antigua
and Anguilla. Richard Surage of PKF was appointed as
Judicial Manager of CIL's St. Lucia branch and Omax
Gardner also of PKF was appointed as Judicial
Manager of CIL's St. Kitts & Nevis branch.
By press release dated January 27, 2012, the Judicial
Manager of CLICO International Life Insurance
Limited reported that the first stage of the investor
identification process for the Company is now well
underway.
The release said that the objective of this process is to
identify an investor with depth of management and
the financial capacity necessary to provide greater
confidence to policyholders and regulators as it relates
to the viability of any new entity which may emerge
from the existing operations of CIL.
During this first stage, several expressions of interest
in CIL were received from local, regional and
international investors and it is expected that other
expressions would be forthcoming. The Judicial
Manager will seek to conclude negotiations with one
of the interested parties within the next five to six
months, subject to necessary Court and regulatory
approvals.
A recommended course of action based on the
results of the concluded forensic audit, will be made
by the Judicial Manager during its next update to the
High Court of Barbados in February 2012.
IN CONCLUSION
The ECCU Governments continue to work
steadfastly to identify solutions for individuals and
institutions affected by the BAICO and CLICO
situation. We wish to reiterate our appreciation to
the citizens of the region for their patience as this
work progresses.
ASYCUDA
– Easing the Hassle for Importers and Exporters of Goods,
continued from front page
for Customs Data to ASYCUDA World, now allows
for the facilitation of commercial and noncommercial transactions with specific relevance to the
Declaration, Selectivity and Accounting Module of
the ASYCUDA World System.
This system provides the following benefits for the
trading/business community:
· Faster Clearance Time
· Simplified Procedures
· User Friendly system
· Fair Trade Practices
· Integrated Tariff/Accurate and Consistent
Tax Calculations
· Electronic Submission of Customs
Declarations/Manifests
· Pre-payment Accounts
·
Direct Trader Input (DTI)
The Customs Division is very committed to these
initiatives and will do all in its power to ensure that the
Minister Burke, Comptroller of Customs and other
officials at the opening of the ASYCUDA office
implementation is successful. The vision of the
Division is to become an efficient and effective
Customs Division in accordance with international
standards, thereby enhancing compliance and
improving Customer Service. The Customs
Division aims to be the model Division in Grenada's
Public Service offering professional services at all
times.
Finance 9
INSIDE
GIDC ranks #1 among Investment Promotion
Institutions in Africa, the Caribbean
and the Pacific countries
The Grenada Industrial Development Corporation
(GIDC) has been ranked #1 among 77 Investment
Promotion Institutions (IPI's) in Africa, the
Caribbean and the Pacific.
According to the Global Investment Promotion
Benchmarking 2012 report, a new report by the
World Bank Group, the GIDC has been able to attain
this top spot by focusing on “speed and teamwork”.
The investment facilitation services of African,
Caribbean and Pacific (ACP) countries were assessed
by evaluating their Investment Promotion
intermediaries and responses to information requests
by potential investors in the tourism and agribusiness
sectors. Specifically, an assessment was undertaken
on the speed at responding to investment inquiries
and the effectiveness of investment promotion
institutions websites.
Grenada's IPI has been ranked ahead of Trinidad and
Tobago who placed 2nd and Jamaica who placed 3rd,
and has received an overall ranking of 26th among all
Investment Promotion Institutions in the world.
With a staff of 24 people, the GIDC intends to
maintain its #1 ranking in the ACP and is prepared to
embark on new strategies so as to be ranked #1
Investment Promotion Institution in the world.
For more information visit https://www.Global
Investment Promotion Benchmarking.pdf
Or contact the GIDC at:
Grenada Industrial Development Corporation
Frequente Industrial Park
Frequente, St. George's
Phone: +1 (473) 444 1035-40 Fax: +1 (473) 444-4828
E-mail: [email protected]
Website: www.grenadaidc.com
Launch of the Grenada
Investment Generation Strategy by GIDC
The Grenada Investment Generation Strategy which
was approved by Cabinet in August 2011 was
officially launched on Thursday April 26, at the
Grenada Grand Beach Resort, Crown Ball Room.
The strategic thrust of the strategy is to increase
private sector investment and job opportunities in the
transformational sectors of the economy over the
next five (5) years. The strategy:
•
Seeks to balance the economics of investment
with the social and cultural aspirations of the
people of Grenada
•
Is related to international and local market
realities
•
Seeks to ensure that there is optimal
allocation of scarce national resources
•
Takes into account the current “people
capability” of the country while providing a
means for learning, growth and capacity
development
It was developed after careful assessment of
Grenada's investment climate, needs and potential
and its best bets niches for investment generation.
Continues on pg. 11
10 Finance
INSIDE
Continued from pg. 10
The assessment was done in conjunction with relevant
stakeholders who were engaged in one on one
interviews, workshops and sector specific
consultations. The strategy was developed under the
GDTAC project which supports the Government of
Grenada in improving the enabling environment for
private sector led growth through the modernization
of key public sector institutions.
The GIDC, the investment promotion agency of
Grenada, co-ordinated the preparation of the strategy
and will play an integral part in its implementation. As
part of the strategy, the GIDC is undergoing
comprehensive change processes including, realigning
the organisational structure to ensure clarity of roles
and responsibilities, moving towards being project
driven, developing cross functional and
interdepartmental teams to assist with the
implementation of projects, redesigning the
performance management system and integrating it
with a monitoring and evaluation system.
Additionally, the company is being rebranded to
better position itself among its competitors.
The feature address at the launch was delivered by
the Prime Minister, Hon. Tillman Thomas.
ENERGY SAVING TIPS
Remember that fans cool people, not rooms, by
creating a wind chill effect.
•
Take advantage of daylight instead of artificial
lighting
•
Install more energy efficient light bulbs:
Change out your current incandescent bulbs to
more efficient ones, for example: compact
fluorescent bulbs use less energy to use as well as
emit a brighter light. They also last longer, and
therefore need to be replaced less often, in turn
saving you money.
•
Turn off fans when you leave the room.
•
Turn off appliances, lights and equipment when
not in use.
•
Unplug electronic devices and chargers when
they aren't in use-most new electronics use
electricity even when switched "off." Turn
computers and printers off at the power strip.
•
Switch off TV sets completely when not in
use; do not leave in stand by mode.
•
Keep refrigerator thermostats between 3 & 4
for efficiency.
•
Decide on what you want out of the
refrigerator before opening –standing infront while door is open waste energy.
•
Defrost refrigerators and freezers before ice
buildup becomes 1/4-inch thick.
•
Use radios powered by batteries instead of
electricity.
•
Did you know that some cell phones have
radios which use less energy?
•
Look for the ENERGY STAR® label on light
bulbs, home appliances, electronics, and other
products. ENERGY STAR products meet strict
international efficiency guidelines.
Finance 11
INSIDE
Facts
&
Fun
Have a laugh...
Did U Know?
•
That a car uses 1.6 ounces of gas idling for one minute
and half an ounce of gas is used to start the average
automobile?
•
That aggressive driving such as speeding, and rapid
acceleration and braking, wastes fuel?
•
That recycling one glass jar, saves enough energy to
watch T.V for 3 hours?
Riddle
I am the part of the bird that is not in the sky. I can swim in
the ocean and yet remain dry. Who am I?
Ans: The shadow of a bird
A Barrel contains 20lbs of sand. I put something in it and now
it weighs less. What did I put?
Ans: A hole
The man who invented it does not want it. The man who
bought does not need it. The man who needs it does not
know it. What is it?
Ans: A coffin
I am as light as a feather, yet the strongest man can't hold me
for more than a minute. What am I?
Ans: My breath.
Fun Facts
Thomas Edison, lightbulb inventor, was afraid of the dark!
Over 2500 left handed people a year are killed from using
products made for right handed people!
Quotations
There are seven things that will destroy us: Wealth without
work; Pleasure without conscience; Knowledge without
character; Religion without sacrifice; Politics without principle;
Science without humility; Commerce without morality –
Mahatma Gandhi
12 Finance
INSIDE
MALE VS FEMALE AT THE ATM!
A new sign in the Bank Lobby reads:
"Please note that this bank is installing new Drive through ATM machines
enabling customers to withdraw cash without leaving their vehicles.
Customers using this new facility are requested to use the procedures outlined
below when accessing their accounts.
After months of careful research, MALE & FEMALE Procedures have been
developed. Please follow the appropriate steps for your gender."
MALE PROCEDURE:
1. Drive up to the cash machine.
2. Put down your car window.
3. Insert card into machine and enter PIN.
4. Enter amount of cash required and withdraw.
5. Retrieve card, cash and receipt.
6. Put window up.
7. Drive off.
FEMALE PROCEDURE:
1. Drive up to cash machine.
2. Reverse and back up the required amount to align car window with the
machine.
3. Set parking brake, put the window down.
4. Find handbag, remove all contents onto passenger seat to locate card.
5. Tell person on cell phone you will call them back and hang up.
6. Attempt to insert card into machine.
7. Open car door to allow easier access to machine due to its excessive
distance from the car.
8. Insert card.
9. Re-insert card the right way.
10. Dig through handbag to find diary with your PIN written on the inside
back page.
11. Enter PIN.
12. Press cancel and re-enter correct PIN.
13. Enter amount of cash required.
14. Check makeup in rear view mirror.
15. Retrieve cash and receipt.
16. Empty handbag again to locate wallet and place cash inside.
17. Write debit amount in check register and place receipt in back of
checkbook.
18. Re-check makeup.
19. Drive forward 2 feet.
20. Reverse back to cash machine.
21. Retrieve card.
22. Re-empty hand bag, locate card holder, and place card into the slot
provided!
23. Give dirty look to irate male driver waiting behind you.
24. Restart stalled engine and pull off.
25. Redial person on cell phone.
26. Drive for 2 to 3 miles.
27. Release parking brake.
S
E
C
I
T
O
N
RECONSTITUTION OF THE
INCOME TAX APPEAL TRIBUNAL
The Income Tax Appeal Tribunal has been reconstituted in
accordance with Section 89, (1) & (2), of the Income Tax Act
No. 36, of 1994.
Ms. Karen Samuel - Chairman (Attorney with nine years
experience)
Mr. Joseph Bain - Commissioner, (Former Accountant General)
Mr. Cecil Edwards - Commissioner, (Former Comptroller,
Inland Revenue)
Mr. Fitzroy O'Neale - Commissioner (Retired Banker)
Mr. Allan Bierzynski - Commissioner (Businessman)
All appeals can be lodged with the Secretary to the Tribunal as
follows:Ms. Rhona Andrew
Secretary, Income Tax Appeal Tribunal
C/O Ministry of Finance
Financial Complex, Carenage
ST. GEORGE'S
ST. GEORGES BUILDING SOCIETY
The Grenada Authority for the Regulation of Financial
Institutions (GARFIN) hereby advises the general public that
the following entity is not licensed by GARFIN to conduct
any type of international financial business activity in or from
Grenada.
Mailing Address
P. O. Box 79 St. George's, Grenada, West Indies
Registered Address - 65 Frequente Drive, Frequente, St.
Georges, Grenada, West Indies
Members of the Tax Tribunal with Minister Burke
The main objective of the Tribunal is to receive objections and
appeals from persons who have received an assessment from
the Comptroller of the Inland Revenue and who are
dissatisfied with the assessment.
Additionally, the Tribunal in accordance with Section 107 (1)
& (2), of the Value Added Tax Act of 2009, is also responsible
for receiving objections and appeals from persons who are
dissatisfied with the assessment made by the Comptroller,
Inland Revenue.
In particular St. Georges Building Society is not authorized
to conduct financial business such as private equity financing
and placements, financing corporate loans, gold bullion
trading, company registrations, trust management and
nominee services, company management and corporate
director services.
Persons transacting any of these financial activities with this
entity will be doing so at their own risk.
Please be guided accordingly.
The newly appointed Commissioners of the Tribunal are:
T
he Minister of Finance, Planning, Economy, Energy
& Cooperatives, Permanent Secretary,
Management and Staff extend condolences
to the family and friends of all those who have lost their
loved ones recently.
“Good men must die, but death cannot kill their names” God's Peace Be With Their Souls.
Finance 13
INSIDE
MAREP RESULTS IMPACT
MANAGEMENT SYSTEMS (RIMS)
AND BASELINE SURVEY
MAREP, in order to evaluate and improve the income of
rural young unemployed or self-employed men, women
and other vulnerable persons in 50 rural communities in
Grenada and Carriacou, has commissioned the conduct
of a RIMS Baseline Survey. This impact survey is
necessary to measure throughout the duration of the
project the progress, outputs, outcomes and impact of
MAREP and to use this information to feed into the
national policy framework on social and economic
development as it relates to poverty reduction, rural
development and contribute towards Grenada's
achievement of the relevant Millennium Development
Goals.
The Market Access and Rural Enterprise Development
Programme (MAREP) has begun to administer the
Social Capital Assessment Tool (SCAT) and the
Empowerment Tool in its target communities; La
Tante, Maran, Mt. Craven, Mt. Horne, Levera/La
Fortune and Non Pariel.
The objective of the SCAT and Empowerment Tool is
to assess social and economic conditions in the
community, identify resources for development and
develop appropriate interventions in response to
improve the social and economic well being of residents,
particularly unemployed and underemployed young
people and small agricultural and non agricultural
business operators. Administration of the SCAT will be
completed during the first quarter of this year.
In conducting the SCAT, residents assess the
community's physical assets, situation of family and
youth, jobs, housing, health and the environment,
education, business opportunities, basic needs and
recreation facilities.
Administering SCAT & Empowerment Tools at Maran Resource Centre
The objective of the Baseline Survey is to assess activities
carried out in the households that contribute to the
improvement of the social and economic conditions of
resource poor and vulnerable households and small-scale
producers as it relates to MAREP and RIMS Logical
framework. It is also to assess critical information
required to guide MAREP interventions and to assess
MAREPs progress and impact over the next five years.
The RIMS Baseline Survey targets at least nine hundred
(900) households below the poverty line in fifty (50)
rural communities in Grenada and Carriacou.
MAREP Launches its Social Capital and
Empowerment Assessment of Community Based
Organisations (CBOs)
Administering SCAT & Empowerment Tools at Maran Resource Centre
The Empowerment Tool assesses Community Based
Organisations and groups' strengths and weaknesses in
its levels of relations with the community, relations
among members, registration, membership, financial
management, democracy, leadership, direct
implementation and strategic alliances.
To date, MAREP has administered the SCAT and
Empowerment Tool in 4 target communities through
Continues on pg. 17
room of the Public Co-ordinating
Service...”
Finance
Visit“... thetoengineProject
Unit
16 Minister's
INSIDE
Continued from pg. 16
the community based organisations; La Tante through
the La Tante Development Organisation, in Maran
through the Maran Development Committee, in
Levera/La Fortune through the Levera/La Fortune
Organisation for Development and in Mt. Horne
through the Mt. Horne Progressive Organisation.
Results have been disseminated in two communities Maran and Mt. Horne. During the dissemination
session, the CBO and community members in
collaboration with MAREP identify needs of residents
and develop preliminary plans to address those needs
such as business development training, financial
management training, parenting, home management
training, health and gender training and plan activities to
strengthen the Community Based Organisations to
provide relevant service to the community, identify
resources that can be developed to improve the
Administering SCAT & Empowerment Tools at Mt. Horne Community Centre
livelihood of residents such as historical and cultural
landmarks, beaches, springs and waterfalls.
MAREP's March for Better
Parenting to Support Child Development
The Grenada Market Access and Rural Enterprise
Development Programme (MAREP) has launched its
national advocacy campaign to highlight and facilitate
awareness of issues pertinent to social and economic
development.
and community based organizations, and cultural
performers who displayed messages, distributed
information and performed short plays, songs and
other performances related to the theme of the
march.
In this regard, MAREP has conducted street marches
for “Better Parenting to Support Child Development,”
in St. Mark, on Sunday April 22, 2012 and St. David
on Sunday, May 20, 2012 .
Following the march, in St. David, participants were
invited to view the newly established Information
Communication Technology (ICT) Center in Marl
Mount.
The objective of these marches is to sensitize residents
and increase awareness about positive parenting
practices and how these positive practices can
encourage and support children to participate in
activities that will foster positive development such as
through education and productivity; encourage
children to use their creativity and energy in
constructive ways such as for innovations and
inventions; model appropriate social behaviours that
make valuable contributions to their society and
make positive choices that will help them to reach
their full potential.
The marches were accompanied by drum corps,
representatives of social development organisations
Community members participating in march
Finance 17
INSIDE
ALL ABOUT THE
REPLACEMENT HOSPITAL
WITH TEACHING FACILITIES
“Health, Wellness and Education Services” has been
identified as one of the five transformational sectors of
the Grenadian economy. In this context, the
Government of Grenada (GoG) intends to establish a
new public hospital to replace St. George's General
Hospital (SGGH), which poses significant challenges
with respect to its design, the quality of the
infrastructure, access and service delivery.
To achieve this goal, the Government of Grenada has
retained IFC (International Finance Corporation) to
provide advice on the development and
implementation of a public-private partnership (PPP)
contract for a replacement hospital. The hospital will
also serve as a clinical teaching site for St. George's
University.
Objective
The objective of new hospital PPP is to address the
major challenges facing the delivery of healthcare
services in Grenada—specifically:
•
•
the inherent inefficiencies as a consequence of the
current configuration and design of hospital
services; and
the inappropriate physical placement and
deteriorating infrastructure of SGGH.
IFC's advisory mandate, the private operator is
likely to be contracted to:
•
•
•
design, build, finance, equip, manage the
facilities (including the associated maintenance
and non-clinical activities such as laundry,
catering, security, landscaping etc.);
operate and staff the clinical support services
(laboratory, medical gases, and diagnostic
imaging services); and
manage the hospital's non-clinical administrative activities.
The GoG will likely maintain control over the
delivery of the clinical services and the management
of those services, and has expressed its deep
commitment to the improvement of the quality of
these services, as well as to improvements in the
structure and delivery of services in the primary
health system.
The following diagram illustrates the roles of the
non-governmental (private) and public sectors
under the proposed contract.
Further, the new hospital PPP will respond to:
•
the need to provide facilities for the clinical
teaching of St. George's University medical
students; and
•
the future potential of a growing medical tourism
market.
PPP Project Scope
The PPP contract will be a competitively tendered
long-term performance based contract between the
Ministry of Finance and a private operator. While the
exact scope of services to be delivered under the PPP
will be determined during the due diligence phase of
18 Finance
INSIDE
General Hospital
WHAT'S BEEN
HAPPENING
NATIONAL OZONE UNIT (NOU)
ESTABLISHES THREE (3) MORE RECOVERY
AND RECYCLING CENTRES FOR
REFRIGERATION AND AIRCONDITIONING (RAC) TECHNICIANS IN
GRENADA
The National Ozone Unit (NOU) in the Energy
Division of the Ministry of Finance, as part of its
Hydrochlorofluorocarbon (HCFC) Phase-out
Management Plan (HPMP), which was launched in
June 2011, has established three (3) more recovery and
recycling centres in Grenada. These centres will make
state-of-the-art equipment in the Refrigeration and
Air-Conditioning (RAC) field available to technicians
in Grenada, Carriacou and Petitie Martinique.
Myke Mitchell being authorised as a recycling agent
practices, particularly in the recovery and recycling
of refrigerants.
Kennis Andrew being authorised as a recycling agent
During a ceremony held at the Spiceland Mall Car
Park on Saturday January 28th, 2012, National Ozone
Officer, Mr. Leslie Smith, presented the equipment to
the owners of the three workshops where the
equipment will be stationed.
The newly established centres are located in St.
Andrew (Myke Mitchell's workshop), St. David
(Melville Mitchell's workshop) and Carriacou (Kennis
Andrew's workshop). This brings the number of
centres now established in the State to twenty (20).
These centres will assist approximately 150
technicians in carrying out good refrigeration
Melville Mitchell being authorised as a recycling agent
Among the equipment presented to the centres are:
Recovery Units, Electronic Refrigerant Scales,
Electronic Leak Detectors, Electronic Refrigerant
Identifiers, Infra-red Thermometers,
Recovery/Refillable Cylinders, Vacuum Pumps,
Micron Gauges and Hose and Gauge sets. The
equipment was supplied by the Grenada
Refrigration Air-conditioning and Ventilating
Association (GRAVA). Funding for the equipment
was provided by the Multi-lateral Fund for the
implementation of the Montreal Protocol which is
Continues on pg. 20
Finance 19
INSIDE
Continued from pg 19
administered by the United Nations Development
Programme (UNDP) as the implementing agency.
This initiative is part of the NOU's objective to
prevent the release of harmful ozone depleting
substances (ODS) into the atmosphere, some of which
are themselves potent greenhouse gases (GHG) which
can damage the ozone layer and contribute to global
warming.
Mr. Smith, in his presentation at the ceremony,
lamented the need for technicians to be trained in
Good Refrigeration Practices and to do continuous
research to be able to keep abreast with the rapidly
emerging new technologies in the RAC sector. He
also encouraged the technicians to take absolute good
care of the equipment to ensure that as many
technicians as possible can benefit from their use.
The establishment of the centres is intended to assist
Grenada in meeting its first phase-out targets under
the HPMP. Grenada and several other developing
countries are required under the Montreal Protocol
on substances that deplete the ozone layer, to freeze
consumption of HCFCs (refrigerants) in 2013; to
reduce consumption by 10% in the year 2015; and to
further reduce consumption by 25% in 2020, as initial
measures.
Practical demonstration at launch
Electrical (a local company) to launch the entire line
of Hydrocarbon refrigerants under the brand name,
Duracool®, for distribution throughout the subregion. The launch ceremony was held at the
Spiceland Mall Car Park in Morne Rouge, St.
George's, on Saturday, January 28th, 2012.
In addition to the distribution of equipment for the
establishment of these centres, the NOU also
presented fifty (50) 30 lb and twenty-five (25) 50 lb
cylinders to several technicians to facilitate recovery
and storage of refrigerants.
Practical demonstration at launch
Present at the ceremony were the President of
GRAVA, Mr. Michael Mitchell, and executive
members of the association; President of the Barbados
Refrigeration and Air-conditioning Association, Mr.
Grantley Parris, together with the Secretary and
Treasurer of the Association; and local technicians
and suppliers of refrigeration and air-conditioning
equipment.
Hydrocarbon refrigerants have been identified as
non-ozone depleting and non-global warming and
more energy efficient as compared to other
Hydrochlorofluorocarbons (HCFC) and
hydrofluorocarbon (HFC) refrigerants currently
used world-wide. This public private partnership is
consistent with Grenada's commitment to reduce
carbon emissions.
THE NOU JOINS WITH LOCAL COMPANY
TO LAUNCH ANOTHER HYDROCARBON
REFRIGERANT LINE IN GRENADA
This is the second Grenadian company that is a
regional distributor for hydrocarbon refrigerants.
The National Ozone Unit of the Energy Division
(NOU) of the Ministry of Finance joined with SNJ
The National Ozone Unit attributes the increasing
use of hydrocarbon refrigerants in Grenada to the
several training courses that it has organized in the
Continues on pg. 21
20 Finance
INSIDE
last five years for refrigeration and air-conditioning
technicians. SNJ Electrical has participated in many of
these training programmes and its General Manager is
currently the Treasurer of the Grenada Refrigeration,
Air-Conditioning and Ventilating Association
(GRAVA).
At the launch SNJ Electrical made several audio-visual
presentations to outline the properties, advantages,
usage and applications of the Duracool ® products.
The event ended with a Mobile Air Conditioning
(MAC) retrofit demonstration that would include the
conversion of cars, sport utility vehicles (SUV's) and
buses from R-134a refrigerant to hydrocarbon
refrigerants.
CENSUS DATA ANALYSIS AND
INTERPRETATION WORKSHOP FOR
GRENADA
The Central Statistical Office (CSO) of the Ministry
of Finance hosted a Workshop on Census Data Analysis
and Interpretation from Monday 13th to Friday 24th
February 2012 at the Grenada National Stadium.
compile, clean, analyse and disseminate census data.
Ultimately, skills acquired through the training are
intended to lead to improved evidence-based
decision-making and enhanced policy-making and
planning capability at the national level.
PROJECT WRITING WORKSHOP FOR
GOVERNMENT OFFICERS
The Division of Economic and Technical
Cooperation in collaboration with the European
Development Fund Support Services Unit
(EDF/SSU) of the Ministry of Finance hosted a
Project Writing Workshop from March 19 – 30,
2012 at the Grenada National Stadium, St. George's.
The purpose of the Workshop was to provide
participants with the tools and techniques required
for preparing, screening and prioritizing
development projects with the aim of establishing a
bank of fully developed project proposals for
submission to regional and international donor
agencies and friendly Governments.
This initiative is of paramount importance to the
Ministry of Finance as it seeks to re-develop and
expand the Public Sector Investment Programme
(PSIP) consistent with the Growth and Poverty
Reduction Strategy and other sector specific
strategies.
The workshop was attended by Project Officers
and/or Technical Officers involved in project
development from the various Government
Ministries and Departments.
Participants at workshop
Recognising the importance of strengthening the
Country's data sources and its capacity to undertake
empirical research through the Population and
Housing Census specifically, the Caribbean
Development Bank (CDB) is supporting the
Government of Grenada in hosting this two-week
training workshop in Census Data Analysis and
Interpretation.
This workshop was aimed at strengthening the
analytical skills of the staff in the CSO and other
technicians in line Ministries enabling them to
GRENADA HOLDS NATIONAL STRATEGY
FOR THE DEVELOPMENT OF STATISTICS
CONSULTATION
The Ministry of Finance, Planning, Economy,
Cooperatives and Energy is currently preparing to
design a National Strategy for the Development
of Statistics (NSDS) in Grenada. An NSDS will
enable Grenada to build a reliable statistical system
that produces the data necessary to design,
implement, and monitor national development
policies and programmes. It will also help Grenada
to meet regional and international commitments
with respect to statistics.
Continues on pg 22
Finance 21
INSIDE
Head table at opening of workshop
As a first stage in the Development of the NSDS, a
national consultation was held on Tuesday April
th
24 , 2012 at the Grenada Trade Centre Annex.
Participants at workshop
This consultation brought key stakeholders together
to assess the National Statistical System by identifying
the strengths, weaknesses, opportunities and threats
that currently exists, and through this, produce a road
map which will see Grenada having a highly improved
statistical system that produces good statistics that is
responsive to the current and future needs of users
locally, regionally and internationally.
At the consultation, presentations were made on the
Status of Statistics in Grenada; NSDS what and
Why; Statistical Development in CARICOM; and
the Jamaican Experience with Strategic Planning.
Participants were placed into discussions groups
under the following headings:
• The Main Gaps in Statistics in
Grenada - user perspective;
• Priority Needs of Producing
Agencies within the NSS;
• Coordination of the NSSChallenges and Opportunities;
• Reform and Restructuring for an
Effective NSS by revising of
Institutional and Legislative
Framework; and
• Statistical Advocacy
The faciliatation team for the consultation included:
· Dr. Philomen Harrison, Projector Director
for Regional Statistics, CARICOM
Secretariat, Guyana.
· Ms. Sonia Jackson, Director General,
STATIN (Statistical Institute of Jamaica, a
statutory body), Jamaica.
· Ms. Anna Sarotte, Programme
Coordinator, Advocacy, Latin America &
the Caribbean, PARIS21, BoulogneBillancourt, France; and
Continues on pg 23
22 Finance
INSIDE
·
Mr. Halim Brizan and team from the Central
Statistical Office
tunities; and engage in
cultural exchanges with
the European Union.
Under the EPA, these
opportunities are paired
with legislative and
r e g u l a t o r y c o m m i tments.
The CARICOM Secretariat and the Partnership in
Statistics for Development in the 21st Century
(PARIS21) is providing technical support to Grenada
in this process.
GRENADA NATIONAL ECONOMIC
PARTNERSHIP AGREEMENT (EPA)
IMPLEMENTATION UNIT UNDERTAKES
EPA LEGISLATIVE INTERVENTIONS
The Grenada National Economic Partnership
Agreement Implementation Unit (NEPAIU), within
the Ministry of Finance, continues to implement its
work programme. In this
regard, NEPAIU has
partnered with Greene
and Greene in ensuring
that Grenada implements
an adequate legislative
and regulatory
framework, congruent
with EPA provisions.
The three-person legal
team of Greene and
Greene (from Anguilla)
conducted its inception mission April 16-20, 2012,
consulting over 15 local EPA stakeholders.
Expressions of commitment to the EPA implementation process were
echoed by various
stakeholder groups and
key areas of legislative
interventions were also
identified. Stakeholders
noted the timeliness of
the consultancy and were
pleased that assistance
was being provided to
Ms. Nicole Garraway,
ensure that Grenada is Senior EPA Implementation Officer
effectively positioned to compete in the international
market.
Mr. Desmond John, National
EPA Implementation Coordinator
As a unique trade and development Agreement, the
CARIFORUM-EU EPA provides Grenada with an
inimitable platform to: trade goods, supply of services; undertake investment and e-commerce oppor-
The consultants of
Greene
and Greene offer
Mrs. Dawn Walker, Technical/
Administrative Support Officer over 20 years of legal
experience in areas of international trade, legislative
review and legislative drafting. NEPAIU expressed
its gratitude to all stakeholders who accommodated
the team of Greene and Greene and further reiterates
the importance of stakeholder involvement in the
EPA implementation process. NEPAIU looks
forward to your continued cooperation as we ensure
that Grenada breaks barriers, creates opportunities
and enhances trade.
EPA UNIT HOLDS ROUND TABLE
DISCUSSION ON THE BENEFITS OF THE
PROGRAMME TO GRENADA AND THE
OECS
The National Economic Partnership Agreement
Implementation Unit (NEPAIU) within the
Ministry of Finance in collaboration with the OECS
Secretariat hosted a Round Table Discussion on the
EPA on Thursday May 17th, 2012 at the Red Cross
Conference Room, Upper Lucas Street, St.
George's.
The Discussion sought to increase awareness of the
general public on Grenada's obligations under the
Agreement; its impact on trade; and the benefits to
Grenada and other OECS Member States.
The theme of the Discussion was: “Can Grenada and
other OECS States derive significant benefits from the
CARIFORUM-EU EPA?”
The presenters were Dr. Nigel Gravesande,
Registrar, TAMCC; Mr. Damien Greaves, Arts and
Science Department, SGU; and Ms. Annette Henry,
Registrar Corporate and Intellectual Office,
Ministry of Legal Affairs.
The CARIFORUM-EC EPA creates an opportunity for CARIFORUM States to strengthen
Continues on pg 24
Finance 23
INSIDE
This Conference was co-hosted by the Government
of Barbados and the United Nations Development
Programme (UNDP).
(Picture source: sidsenergyforall.org)
regional cooperation and increase their trade capacity.
In addition to this, the agreement further promotes
economic cooperation, increased European market
access, stronger EU relations, the elimination of
poverty, good governance and the facilitation of
sustainable growth and development. These opportunities have been extended to each CARIFORUM
State which has signed unto the agreement.
The implementation of the EPA can play an important role in the economic growth of Grenada.
Further information on the CARIFORUM-EC EPA
and the Round Table Discussion can be had from:
The Grenada National EPA Implementation Unit
(NEPAIU)
Ministry of Finance, Planning, Economy, Energy &
Cooperatives
VAT Building
Corner, Scott & Young Streets
St. George's
Grenada
(473) 435-9251 (Telephone)
(473) 435-9252 (Facsimile)
[email protected] (E-Mail)
MINISTER BURKE HEADS LOCAL TEAM
TO HIGH LEVEL CONFERENCE ON
SUSTAINABLE ENERGY IN BARBADOS
Minister for Finance, Planning, Economy, Energy
and Cooperatives, Hon. V. Nazim Burke and a team
Minister Burke and other leaders at Sustainable Energy Conference.
Picture source: sidsenergyforall.org
of Senior Government Officials, attended a High Level
Conference of Small Island Developing States (SIDS) on
Achieving Sustainable Energy For All, in Barbados.
24 Finance
INSIDE
Minister Burke, Lead Discussant in day two session
Minister Burke was a lead Discussant for the session
on Enabling Environment and Financing Sustainable
Energy for All SIDS, on Tuesday 8th May 2012.
Dr. Hugh Sealy, Adviser to Government on Energy
and Sustainable Development, was the Moderator
for the session on
Doubling the Rate of
Improvement in
Energy Efficiency in
SIDS by 2030 on
Monday, 7th May 2012.
The United Nations
General
Assembly has
Dr. Hugh Sealy
declared 2012 the
“International Year of Sustainable Energy for All.” As
such, the Secretary-General has launched a
Sustainable Energy for All (SEFA) initiative to
identify and mobilize action by stakeholders from
across government, business, civil society, academia
and the development community. In addition, the
Secretary General has established a High-level
Group draw up an Action Agenda, to be launched
ahead of the upcoming United Nations Conference
on Sustainable Development in Rio de Janeiro in
June 2012 (Rio+20), on the basis of which all
stakeholders can make concrete commitments to
move the world toward sustainable energy for all by
2030.
As a means of moving forward this Agenda, the
Barbados Conference will seek to:
Continues on pg 25
• Establish awareness and understanding of SIDS
conditions and perspectives on sustainable
energy for all (SEFA);
• Articulate SIDS commitment to support SEFA
and convey SIDS support of SEFA as a core
element of the three pillars of sustainable
development (Social, Economic, and
Environmental);
• Build awareness in governments and their
institutions for the formulation of required
policies and their enforcement in order to
regulate the market and to attract investments
into affordable and sustainable energy services;
and
• Foster recognition by governments and their
institutions of the importance of identifying
potential areas for doubling energy efficiencies,
as well as development of alternative energy
sources.
The conference also provided an opportunity to
discuss support to the SEFA targets and commitments
as one outcome of Rio+20, and contribute to the
discussion on the potential establishment of sustainable development goals (SDGs) and related global
monitoring mechanisms.
According to Conference organisers, the outcome of
the Conference was “a Declaration which describes the
realities and opportunities of SEFA from the SIDS
perspective.” This declaration also provides a “clear
statement of the unique circumstances, vulnerabilities
and needs of SIDS, and articulate SIDS support and
commitments towards the three SEFA objectives, in the
lead up to and at the Rio+20 conference…….”
The conference also increased the awareness on SIDS
approaches to sustainable energy access and its
impacts on people's lives. It provided a networking
opportunity to share successful experiences and
exchange information on sustainable energy initiatives between regions (Caribbean, Pacific, and AIMS
region), countries, private sector, and civil society.
GLOBAL FORUM PLENARY CONSIDERS
GRENADA ELIGIBLE FOR GRADUATION
TO THE PHASE TWO (2) REVIEW PROCESS
Grenada's legal and
regulatory framework for
the exchange of information for tax purposes was
assessed by the Global
Forum Peer Review
Group as being sufficiently compliant with
the Organisation for
Economic Co-operation
Mr. Niguel Streete,
and Development
Deputy Executive Director, GARFIN
(OECD's) standard to
allow Grenada to graduate to phase two (2) of the review process.
In an effort to enhance tax transparency and reduce
harmful tax competition among jurisdictions, the
international community, through the OECD, has
launched an initiative to facilitate the exchange of
information for tax purposes between contracting
parties. The operational arm of the OECD for this
initiative, the Global Forum, required jurisdictions
to sign at least 12 tax information exchange agreements (TIEAs), at the OECD standard, with their
significant trading partners to avoid being placed on
a sanctions list. Grenada has successfully achieved
this compliance standard with the signing of 27
relevant agreements, 14 of which are at the OECD
standard.
Signing 12 TIEAs was only the first step in the
process. The Global Forum then facilitated an
assessment of Grenada's legal and regulatory
infrastructure to facilitate the exchange of information with contracting parties. This review was
conducted during October and November 2011 by
assessors from the Global Forum and Grenada's peer
jurisdictions of Spain and Guernsey. The assessment team found that Grenada was fully or largely
compliant with eight of the ten assessment criteria,
one criterion was not applicable and the other was
not compliant. The not compliant criterion was
influenced by the fact that the legislation does not
specifically require all offshore companies to retain
reliable underlying accounting documents (vouchers) for all transactions for a period of at least five
years.
The findings of the assessment team were recently
endorsed and confirmed by the Global Forum Peer
Continues on pg 26
Finance 25
INSIDE
Review Plenary in Madrid, Spain, during the period
23 – 25 May 2012. The Plenary's endorsement and
recommendation will now be sent to the Global
Forum for ratification and publishing. Grenada was
represented at the Madrid plenary by Mr Niguel
Streete and Ms Marion Suit.
The successful completion of this phase one (1) review
is an important milestone in Grenada's continued
engagement with the international community as a
credible, compliant and well regulated international
financial centre. The rating of the Global Forum is
internationally recognised as the gold standard for tax
transparency compliance.
Grenada now looks forward to its phase two (2)
review which will be conducted during the second half
of 2013. This review will assess the corrections made
to any deficiencies in the phase I review and assess
Grenada's performance under its existing TIEAs and
the administrative structure in place to facilitate such
compliance.
Tax Officer advising tax payer
The Booth provided an opportunity for workers
and persons doing business at the Ministerial
Complex to inquire about tax balances, set up
payment plans, make payment on outstanding
ONE-DAY TAX BOOTH AT MINISTERIAL
COMPLEX
In an effort to increase taxpayer awareness and
accessibility to information on Property Tax, and
taxes in general, the Inland Revenue Division (IRD) of
balances, and so benefit from the 5% rebate for 2012
taxes.
the Ministry OF Finance conducted a “Property Tax
Information Booth” at the Ministerial Complex,
Botanical Gardens, and St. George's on Friday June 1st
2012.
26 Finance
INSIDE
Tax Officers were on hand to address queries or
concerns on a tax matters. From all reports the
initiative was a success.
Finance 27
INSIDE
• No New Taxes
• No Cuts in Social Programmes or Safety
Nets
• 5% Cut in Ministers' Salaries
• Over 950 jobs through the Implementation and Continuation of Public
Sector Projects such as the New
Parliament Building; Grenville Market
Development Project; Feeder Road Phase
II; & MAREP
• Year of Nutmeg and Other Spices –
Massive Replanting Campaign
• Assistance to at least 1,100 Small Farmers
under the Small Farmers Vulnerability
Reduction Initiative Project
• International Five-Star Resort
• EC$2M Increase in Allocation for
Marketing Grenada
• FIT for Work (Follow IT for Work)
Programme for Youths – 2,000 Young
Persons will be Trained and Provided
Employment Opportunities
• Community Access Points through-out
the State - This will make ICT Services
Accessible in Communities
• Better and Faster Clearance of Goods
with the Full Implementation of
ASYCUDA World at the Customs
• Extension of Special Rate (7.5%) on
Cement, Lumber, Steel, and Roofing
Material
• Extension of Tax Rebate for
Manufacturers
• Zero Rate of Excise Tax on Alcohol to be
used as an Input into Manufacturing
• Zero Rate of VAT for Purchase of Capital
Goods and Materials by an Approved
Investor during the Implementation
Phase of a Project
• Upgrading of ten (10) Schools
• Scholarships in Various Disciplines
• Removal of VAT on Coffins
• Construction of Dover Hard Court
• Average of 23% Reduction in
Expenditure on Utilities.
Ministry of Finance, Planning, Economy, Energy & Co-operatives
Financial Complex, Carenage, St. George’s.
Tel.: 440-2731-34, 435-0057; Fax: 440-4115;
Website: www.gov.gd; Email: [email protected]
Contact: Petra Charles-Joseph, Editor-in-Chief, 440-2731, ext.: 1108/435-0057
Designed and printed by Government Printery

inside Finance vol 8 issue 1 newest.cdr

Transcription

Similar documents

“GOUYAVE FISH FRY – BEST FISH IN GRENADA, MAYBE THE

Andy Dye`s Prayer Letter from Grenada : April 2011

GSD Students Walk the Red Carpet

Part II - Grenada School District

21 luxury villas and apartments, turnkey and fully furnished.

PV laboratory equipment for the T.A. Marryshow

Walter Salazar

Environmental Impacts Assessment

Discover more about diving in Grenada and Carriacou