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    NEWS RELEASE

    MINISTRY OF FINANCE & ENERGY

     

    NO. 31/2017                                                DATE: May 10, 2017

     

    TAX ADVISORY COMMITTEE ESTABLISHED

     

    ST. GEORGE’S, GRENADA, Wednesday, May 10th, 2017: The Inland Revenue Division (IRD) of the Ministry of Finance and Energy advises the public that a Tax Advisory Committee has been commissioned by Cabinet and is now operational.

    The Tax Advisory Committee (TAC) is expected to develop and encourage mutual cooperation between tax-payers and the Inland Revenue Division and assist in streamlining administrative and procedural difficulties of a general nature.

    Further, the TAC will provide input to the Ministry of Finance during the legislative process by studying and recommending changes to tax laws. Its operation intends to promote a better understanding of the tax laws and changes thereto.

    The Committee consists of representation from a broad cross section of stakeholders which includes the Grenada Chamber of Industry and Commerce, the Trade Union Council, Professional Bodies (Lawyers, Doctors etc.), Grenada Hotel and Tourism Authority and the Comptrollers of Inland Revenue and Customs.

    It must be noted that the TAC is not meant to address tax objection matters that resides within the ambit of the Appeals Commission but rather to consider sector specific issues.

    Consequently, associations and various sector groups can table their issues to the committee via email at This email address is being protected from spambots. You need JavaScript enabled to view it..

    NEWS RELEASE

    MINISTRY OF FINANCE & ENERGY

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    NO. 29/2017                                        DATE: May 9, 2017

     

    NO CONCESSIONS ON VEHICLES FIVE YEARS OLD AND OVER

     

    ST. GEORGE’S, GRENADA, Tuesday, May 9, 2017:  The Ministry of Finance and Energy wishes to advise the general public that, effective June 1st, 2017, applications from persons/organizations, to Government, for a waiver from the payment of duties and taxes (concessions) on the importation of vehicles that are five years old and over will no longer be considered.

    This policy decision has become necessary as Government continues to honour its commitment to environmental stewardship and sustainable development.

    Please be guided accordingly.

    NEWS RELEASE

    MINISTRY OF FINANCE & ENERGY

     

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    NO. 27/2017                                          DATE: April 18, 2017

     

    ADJUSTMENT TO PETROLEUM PRICES FOR MARCH 2017

    ST. GEORGE’S, GRENADA, Tuesday, April 18, 2017: The General public is hereby informed that, effective, Tuesday April 18th, 2017, the retail prices of petroleum products (Gasoline, Diesel, Kerosene and LPG {Cooking Gas}) in the State of Grenada will be as follows:

     

    GRENADA

    Products                                 Old Price            New Price

    Gasoline                                  $14.17/IG            $14.06/IG

    Diesel                                      $13.20/IG            $12.83/IG

    Kerosene                                 $7.69/IG              $7.36/IG

     

    L.P.G (Cooking Gas):           Old Price           New Price

    20 lbs Cylinder                        $40.00                $40.00

                                                    $37.00*              $37.00*

    100 lbs Cylinder                      $193.855            $188.75

    Bulk                                         $2.00/lb             $1.95/lb

     

    CARRIACOU

    Products                    Old Price            New Price

    Gasoline                      $14.35/IG           $14.24/IG

    Diesel                           $13.389/IG         $13.01/IG

    Kerosene                       $7.88/IG             $7.55/IG

     

    PETIT MARTINIQUE

    Products                                 Old Price              New Price

    Gasoline                                  $8.85/IG                $8.74/IG

    Diesel                                      $7.88/IG                $7.51/IG

    Kerosene                                 $7.88/IG                $7.55/IG 

     

    CARRIACOU & PETIT MARTINIQUE

    L.P.G (Cooking Gas)      Old Price           New Price

    20 lbs Cylinder                     $49.00                $49.00

                                                 $46.00*              $46.00*

    100 lbs Cylinder                   $216.85              $211.75

    Bulk                                      $2.00/lb             $1.95/lb

    *Petrocaribe’s LPG 20lb Cylinder

    The new Retail Prices are computed based on the average FOB costs: that is; (Ex-refinery prices), for the period, 16th March, 2017 to 11th April, 2017.

    Consumers are encouraged to immediately notify the Price control/Consumer Affairs Unit in the Ministry of Finance of any instance of overpricing at telephone number 440-1369.

    NEWS RELEASE                          

    Eastern Caribbean Central Bank

    P O Box 89, Basseterre, St Kitts and Nevis                                      

     
     

     

    Basseterre, St Kitts, 10 April 2017

    ECCB Hosts Consultative and Legislative Drafting Workshop

    The Eastern Caribbean Central Bank (ECCB) will host a Consultative and Legislative Drafting Workshop to address proposed amendments to the Banking Act 2015 on 11 April at the Beachcombers Hotel, St Vincent and the Grenadines.

     

    Following the ECCB’s engagements on the application and operationalisation of the
    Banking Act 2015 with members of the Eastern Caribbean Currency Union (ECCU) banking industry, the Bank is proposing amendments to the Act to address certain areas of concern raised during those discussions.  In light of this,  the ECCB has organised the Consultative and Legislative Drafting Workshop which will be chaired by ECCB Monetary Council member and Prime Minister of St Vincent and the Grenadines, Dr the Honourable Ralph Gonsalves.   

     

    The objectives of the workshop are to:

    ·         consult with stakeholders and forge consensus on the proposed amendments to the Banking Act 2015;

    ·         conduct a technical review of the amendments and finalise the drafting of the amendments; and

    ·         develop a targeted approach to the efficient enactment of the amendments.

     

    Various stakeholders are expected to attend the workshop including:

    • Prime Minister Ralph Gonsalves (Chairman);
    • Prime Minister Gaston Browne (Member of the Ministerial Subcommittee on Banking);
    • Prime Minister Timothy Harris (Member of the Ministerial Subcommittee on Banking);
    • ECCU Attorneys General;
    • Legislative Draftspersons/Parliamentary Counsel;
    • Financial or Permanent Secretaries, Ministry of Finance;
    • Representative from the ECCU Bankers Association;
    • Representative from each local Bankers Association; and
    • ECCB Representatives
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    Contact Information

    Grenada Chamber of Industry
    and Commerce
     
    Frequente, Building 11
    P.O. Box 129, St. George's
    Grenada, West Indies
     
    Tel: (473) 440 2937
    Tel: (473) 440 4485
    Fax: (473) 440 6627
    E-mail: gcic@grenadachamber.org

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