The Income tax amendment bill was passed today in the house of Parliament, as the government seeks to improve issues relating to taxation here in SVG.
The bill was tabled in parliament by Minister of Finance the Hon. Camillo Gonsalves.
Minister Gonsalves says the St. Vincent and the Grenadines Income Tax Amendment Bill – seeks to address deficiencies within the existing income tax – as well as branch operations in St. Vincent and the Grenadines.
Minister Gonsalves said although the bill is particularly relevant, given the influx of multinational corporations to St. Vincent and the Grenadines – it does not adequately address the operations of multi jurisdictional corporate entities.
The Finance Minister said the issue is particularly relevant, due to the fact that withholding tax, does not apply to payments made from a local and incorporated branch, to an overseas head office.
The Child Justice Bill 2019 and the Drug Prevention of Misuse Amendment Bill 2019 received their first reading and were sent to select committees.
Parliament has been adjourned until May 2nd 2019 at 10 in the morning.