Finance Minister, Dr Nigel Clarke, said Caribbean countries need to prepare for worldwide tax changes
CARIBBEAN COUNTRIES need to “collaborate and coordinate” with each other in order to protect their finances amid rapid global change, the Jamaican Finance Minister has urged.
“We are small. We have a common history. These factors should allow us to be nimble and agile in response to the changing global tax landscape, which is undergoing a transformation,” he said. His comments come after Caribbean nations still recover from the damage of the Covid-pandemic and said that the tropical region was worse hit by the global health crisis measured by the average GDP contraction, the Jamaican Observer reported.
He added: “The fact is that aspects of the Caricom Tax Treaty, which was entered into at a very different time, may now be inconsistent with global standards. If so, let us be proactive and update and not find ourselves in a position where this inconsistency is brought to our attention by the threat of sanction.”
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