Grenada and Canada have signed a Tax Information Exchange Agreement, which, according to Prime Minister Dr. Keith Mitchell, is not based purely on revenue, but also on securing the country.
The agreement was signed with Canada’s High Commissioner to Barbados and the Eastern Caribbean, Marie Legault on Friday.
According to Mitchell who is also the Finance Minister, there is need for even greater transparency and accountability in governance, with the world becoming a global village, hence Grenada’s decision to pass the Fiscal Responsibility Act.
The Tax Information Exchange Agreement is designed to promote international co-operation in tax matters through exchange of information.
It will also help both countries to look further at their vision for security and stability in the region.
Legault says the signing shows that Grenada and Canada are committed to transparency.