Wednesday, 11 June 2014

CUT BY HALF – 50% reduction on concessions for statutory bodies

By Linda Straker

AS of August 1, 2014, statutory bodies established by an Act of Parliament will only be able to receive 50 per cent of concessions on imports into the island.

“Where a statutory body now enjoys any percentage of exemption or concession from the payment of custom duties and taxes, any such percentage is now reduced by 50 per cent,” said Section 3 of the recently approved Statutory Bodies (Treatment of Exemptions and Concessions) (Miscellaneous Provisions) Bill 2014.

The Bill, which was recently approved by both Houses of Parliament, describes a statutory entity as a body established by an Act of Parliament with statutory powers and operational autonomy to carry out government related functions and which is part of or under the direct control of the Government.

There are currently more than 20 such bodies and they include the National Water and Sewage Authority; the Grenada Ports Authority; the Grenada Postal Corporation; T.A. Marryshow Community College; the Grenada Airports Authority; the Grenada Bureau of Standards; the National Stadium Authority; the Grenada Authority for the Regulations of Financial Institutions; the Gravel and Concrete Emulsion Corporation; the National Cultural Foundation; the Spicemas Corporation; and most recently, the Grenada Tourism Authority.

Data from the Ministry of Finance shows that for 2013, statutory bodies received a total of EC$4.7 million.

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