Prime Minister Dr Ralph Gonsalves today reiterated a call for the Caribbean Community (CARICOM) to adopt a united position regarding the European Union’s request that regional countries pass legislation to deal with what Europe has termed ‘economic substance’.
Gonsalves told a news conference that St Vincent and the Grenadines has no intention of “rolling over’ to appease Europe.
“We have looked carefully as how we have crafted these laws and we believe they will pass muster. If they don’t we will see, but I assure you St Vincent and the
Grenadines will not roll over and play dead. We will not surrender. As I said we will compromise, we will accommodate, but we will resist creatively those politicians in Europe who are allowing persons to do things in their name,” Gonsalves told reporters.
The Bahamas, Grenada and St Vincent and the Grenadines have already passed legislation while other Caribbean countries are contemplating doing so as Europe moves to force countries to adopt measures regarding the establishment of international businesses in the region.
The Bahamas, Grenada and St Vincent and the Grenadines have already passed legislation while other Caribbean countries are contemplating doing so as Europe moves to force countries to adopt measures regarding the establishment of international businesses in the region.
Grenada’s Legal Affairs Minister Kindra Maturine-Stewart noted last month that in 2017 the island was among a group of 90 countries that the EU selected to be screened against tax transparency, harmful tax practices and base erosion profit shifting.
Maturine-Stewart said the new EU guidelines prohibit new measures that will provide for international companies to benefit but not domiciled in the state.
Last week, The Bahamas said it was developing a new framework aimed at strengthening industry regulations and protecting revenues to the public treasury as it relates to enhancing the financial services sector.