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Implications of the Revised Treaty of Chaguaramas for Tax Administrations • Relevant Treaty Provisions • Administrative Issues • Specific Implications • General Implications

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Page 1: Implications of the Revised Treaty of Chaguaramas for Tax Administrations Relevant Treaty Provisions Administrative Issues Specific Implications General

Implications of the Revised Treaty of Chaguaramas for Tax Administrations

• Relevant Treaty Provisions

• Administrative Issues• Specific Implications• General Implications

Page 2: Implications of the Revised Treaty of Chaguaramas for Tax Administrations Relevant Treaty Provisions Administrative Issues Specific Implications General

Implications of the Revised Treaty of Chaguaramas for Tax Administrations

Relevant Treaty Provisions

• Article 32 – Prohibition of New Restrictionson the Right of Establishment

• Article 37 – Removal of Restrictions on Provision of Services

• Article 38 – Removal of Restrictions on Banking, Insurance and Other Financial Services

Page 3: Implications of the Revised Treaty of Chaguaramas for Tax Administrations Relevant Treaty Provisions Administrative Issues Specific Implications General

Implications of the Revised Treaty of Chaguaramas for Tax Administrations

Relevant Treaty Provisions • Article 40 – Removal of Restrictions on

Movement of Capital and Current Transactions

• Article 44 – Measures to Facilitate Establishment, Provision of Services and Movement

of Capital

Page 4: Implications of the Revised Treaty of Chaguaramas for Tax Administrations Relevant Treaty Provisions Administrative Issues Specific Implications General

Implications of the Revised Treaty of Chaguaramas for Tax Administrations

Relevant Treaty Provisions

• Article 46 – Movement of Skilled Community Nationals

• Article 72 – Double Taxation Agreement

• Article 82 – Establishment of a CommonExternal Tariff

• Article 87 – Import Duties

Page 5: Implications of the Revised Treaty of Chaguaramas for Tax Administrations Relevant Treaty Provisions Administrative Issues Specific Implications General

Implications of the Revised Treaty of Chaguaramas for Tax Administrations

• Article 95 – Co-operation in Customs Administration

• Article 3 of Treaty of Basseterre provides for co-ordination, harmonization and pursuance joint policies in:

(l) Income Tax Administration

(m) Customs and Excise

Relevant Treaty Provisions

Page 6: Implications of the Revised Treaty of Chaguaramas for Tax Administrations Relevant Treaty Provisions Administrative Issues Specific Implications General

Implications of the Revised Treaty of Chaguaramas for Tax Administrations

Administrative Issues

• Self-employed persons

Tremendous challenge to tax administrations

Tax systems need to be re-modeled

Introduce a licensing system

Page 7: Implications of the Revised Treaty of Chaguaramas for Tax Administrations Relevant Treaty Provisions Administrative Issues Specific Implications General

Implications of the Revised Treaty of Chaguaramas for Tax Administrations

Administrative Issues

• Companies

Permanent Residence

Transfer pricing

Charges for common services

Management charges

Page 8: Implications of the Revised Treaty of Chaguaramas for Tax Administrations Relevant Treaty Provisions Administrative Issues Specific Implications General

Implications of the Revised Treaty of Chaguaramas for Tax Administrations

Administrative Issues

• Movement of Capital Need to implement procedures

to track and record transactions

Traditional sources of information no longer available

Page 9: Implications of the Revised Treaty of Chaguaramas for Tax Administrations Relevant Treaty Provisions Administrative Issues Specific Implications General

Implications of the Revised Treaty of Chaguaramas for Tax Administrations

Administrative Issues

• Harmonization of Corporate Taxation

Article 1 – Cap. Allow. Article 6 – Min. Corp. Tax

Article 2 – Interest Article 7 - Mergers

Article 3 – Losses Article 8 – Disp./Acq. Of Shares

Article 4 – Pensions Article 9 –Withholding Tax

Article 5 – Ins. Prem. Tax

Article 10 – Exp. & Res. Exps.

Page 10: Implications of the Revised Treaty of Chaguaramas for Tax Administrations Relevant Treaty Provisions Administrative Issues Specific Implications General

Implications of the Revised Treaty of Chaguaramas for Tax Administrations

Administrative Issues

• Tax Coordination Fiscal erosion due to excessive

tax competition between member states;

Less employment taxes may result;

Need to look at harmonised environmental taxes.

Page 11: Implications of the Revised Treaty of Chaguaramas for Tax Administrations Relevant Treaty Provisions Administrative Issues Specific Implications General

Implications of the Revised Treaty of Chaguaramas for Tax Administrations

Administrative Issues

• Tax competition Cross border shopping;

Capital flight;

Labour migration;

Re-allocation of firms;

Downward pressure on tax rates.

Page 12: Implications of the Revised Treaty of Chaguaramas for Tax Administrations Relevant Treaty Provisions Administrative Issues Specific Implications General

Implications of the Revised Treaty of Chaguaramas for Tax Administrations

Administrative Issues

• Double Taxation Agreements Already addressed;

Tax administrations need to ensure that provisions are implemented;

Page 13: Implications of the Revised Treaty of Chaguaramas for Tax Administrations Relevant Treaty Provisions Administrative Issues Specific Implications General

Implications of the Revised Treaty of Chaguaramas for Tax Administrations

Administrative Issues

• Simplification of Tax Structures There is a need to be tax

efficient; To many “small” taxes which are

costly to collect;

May result in bigger and costlier tax administrations;

Page 14: Implications of the Revised Treaty of Chaguaramas for Tax Administrations Relevant Treaty Provisions Administrative Issues Specific Implications General

Implications of the Revised Treaty of Chaguaramas for Tax Administrations

Administrative Issues • Revenue Authority

Lack of interaction among revenue collecting agencies;

Lack of mobility of staff in Revenue Departments;

• Why a Revenue Authority?

Need to attract skilled personnel;

Page 15: Implications of the Revised Treaty of Chaguaramas for Tax Administrations Relevant Treaty Provisions Administrative Issues Specific Implications General

Implications of the Revised Treaty of Chaguaramas for Tax Administrations

Administrative Issues • Revenue Authority

Statutory Body:

• Four types can be considered:

Taxation policy;

Administration of domestic taxes;

Personnel management.

Page 16: Implications of the Revised Treaty of Chaguaramas for Tax Administrations Relevant Treaty Provisions Administrative Issues Specific Implications General

Implications of the Revised Treaty of Chaguaramas for Tax Administrations

Administrative Issues • Revenue Authority

Revenue Committee:

• Four types can be considered:

Grouping of all revenue agencies;

Consult on consistency of policy

Sharing of information.

Page 17: Implications of the Revised Treaty of Chaguaramas for Tax Administrations Relevant Treaty Provisions Administrative Issues Specific Implications General

Implications of the Revised Treaty of Chaguaramas for Tax Administrations

Administrative Issues • Revenue Authority

Revenue authority:

• Four types can be considered:

Legally formed body;

Revenue policy;

Effective management.

Page 18: Implications of the Revised Treaty of Chaguaramas for Tax Administrations Relevant Treaty Provisions Administrative Issues Specific Implications General

Implications of the Revised Treaty of Chaguaramas for Tax Administrations

Administrative Issues • Revenue Authority

Regional authority:

• Four types can be considered:

Legally formed body;

Revenue policy

Strategic Planning.

Legal advice;

Negotiation of tax agreements;

Dealing with difficult tax cases;

Page 19: Implications of the Revised Treaty of Chaguaramas for Tax Administrations Relevant Treaty Provisions Administrative Issues Specific Implications General

Implications of the Revised Treaty of Chaguaramas for Tax Administrations

Administrative Issues • Skills of Staff

Personnel training and education;

Incentive based recognition;

Improvement in working conditions;

Highly skilled workforce;

Page 20: Implications of the Revised Treaty of Chaguaramas for Tax Administrations Relevant Treaty Provisions Administrative Issues Specific Implications General

Implications of the Revised Treaty of Chaguaramas for Tax Administrations

Conclusion

Increase networking;

Be proactive in the advice that we give;

Page 21: Implications of the Revised Treaty of Chaguaramas for Tax Administrations Relevant Treaty Provisions Administrative Issues Specific Implications General

Implications of the Revised Treaty of Chaguaramas for Tax Administrations

THANK YOU


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