Grenada announces Tax Waivers and Financial support for hurricane recovery  

Grenada: The government of Grenada has issued tax waivers on VAT, property tax, and other tax types across Grenada and the island states of Carriacou and Petite Martinique.

The government will also provide a Loan grant facility to those affected at the Grenada Development Bank if they meet the eligibility requirements. This initiative has been led to provide relief aid to locals so that the nation recovers stronger from the damage caused by Beryl.

The government in the issued release stated that all Value added Tax (VAT) registered businesses in Carriacou and Petite Martinique will be categorized as inactive till 31^st December 2024. This indicates that the companies will no longer have to file taxes during the period.

Grenadians on the other hand must request a VAT waiver from the Inland Revenue Division and it will solely depend upon IRD for its approval upon ensuring the company’s eligibility.

The property Tax on the other hand will be waived for all the destroyed properties on the islands of Carriacou and Petite Martinique, however, the residents of Grenada will also have to get it approved by the IRD.

Other tax services including, Corporate Income Tax (CIT) are also waived off for Carriacou and Petite Martinique for this year and other tax deadlines including Annual Stamp Tax, PAYE, and Withholding Tax have also been extended till December 31^st.

This is to be noted that the government has also issued financial relief through a loan grant facility at Grenada Development Bank. This facility could be availed by Medium, Small, And Micro Enterprises (MSMEs) across various sectors including tourism, agriculture, and fishing.

The government has also issued an EC $25 million fund to the Grenada development fund for the same purpose and the facility will start progressing from 1^st September 2024.

Apart from this, the Grenadian government has also executed several other relief plans to initiate a speedy recovery from Beryl. The government announced a $2.4 million direct support to Nutmeg and Cocoa farmers last week.

This announcement was led considering the need for replanting since the passage of the disastrous hurricane. Nutmeg and Cocoa being the major produce crops of the nation will create a huge impact on their economy.

Notably, these efforts by the government mark their steadfast commitment towards rebuilding Grenada’s economy and an immediate recovery from the disaster. These will ensure that no one across the nation suffers from the damage.