By Melanius Alphonse
Caribbean News Now associate managing editor
[email protected]
CASTRIES, St Lucia – Prime minister and minister for finance Allen Chastanet’s budget address for financial year 2019/2020, acknowledged that the Saint Lucia government has commenced the necessary review whilst engaging the European Union (EU) and code of conduct group, in its efforts to meet international standards on tax transparency and the exchange of information which have been set, not only by the EU but also by the Global Forum and the Economic Cooperation and Development (OECD).
“Government will continue its efforts in ensuring that Saint Lucia remains compliant with the requirements for tax transparency and exchange of information as we foster a vibrant economy and improve the quality of life for our people. Saint Lucia has already made the requisite commitment, as such, we are not on EU’s blacklist, although we remain on the greylist until the next assessment,” Chastanet said.
“Saint Lucia can ill afford to be on the wrong side of these international tax requirements. Compliance on international tax matters affects the investment climate, the availability of funding and the general perception of a jurisdiction. As a small island developing state, we need to attract foreign direct investment and obtain funding in order to achieve the level of economic growth and development, which we need,” he continued.
In addition to the commitments made by the government of Saint Lucia to the EU and OECD, several measures of global activity influence policy and government legislative agenda.
