Statutory Bodies Concessions Halved

As of 1 August 2014, over 20 statutory bodies established by an Act of Parliament will have their concession on imports into the country, halved. “Where a statutory body now enjoys any percentage of exemption or concession from the payment of custom duties and taxes, any such percentage is now reduced by 50%,” according to Section 3 of the recently approved Statutory Bodies (Treatment of Exemptions and Concessions) (Miscellaneous Provisions) Bill 2014.

The Bill was recently approved by both Houses of Parliament. It describes a statutory entity as a body established by an Act of Parliament with statutory powers and operational autonomy to carry out government related functions and which is part of or under the direct control of the government.

There are currently more than 20 such bodies, including the National Water and Sewage Authority; Grenada Ports Authority; Grenada Postal Corporation; T A Marryshow Community College; Grenada Airports Authority; Grenada Bureau of Standards; National Stadium Authority; Grenada Authority for the Regulations of Financial Institutions; Gravel and Concrete Emulsion Corporation; National Cultural Foundation; Spicemas Corporation and the Grenada Tourism Authority.

Data from the Ministry of Finance shows that for 2013 statutory bodies received at total of EC$4.7 million in concessions.

By Linda Straker

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