Find Accountancy, Audit and Tax expertise in Grenada
There are a small number of accountancy firms in Grenada, including Comserv, PKF, W.R. Agostini & Co., La Touche & La Touche, Louison Consulting and Wilson & Co. The Audit Department is used to promote proper accountability and transparency in government departments and other entities. Responsibilities of the Director of Audit are enshrined in Section 82 of the Constitution and the Finance and Audit Act of Grenada. Additionally, as a member of the Eastern Caribbean Securities Exchange (ECSE), a regional securities market located in St. Kitts, the International Financial Reporting Standards (IFRS) are required for all domestic listed companies. In the 2011 World Bank’s Ease of Doing Business Index Grenada came 119th in the world (out of 183 countries) in relation to resolving insolvency, ranking above Trinidad and Tobago (133rd), but below numerous of the other Caribbean nations, such as The Bahamas (34th), St Lucia (58th) and Dominica (98th).
The primary accounting body in the region is The Institute of Chartered Accountants of the Eastern Caribbean (ICAEC), of which Grenada is one of eight members. Members of the Institute are themselves members of other international associations and as such are bound by the Code of Ethics of these organisations. The ICAEC, established in 2004, has three branches – Antigua and Barbuda, St Kitts and Nevis and St Lucia – but none in Grenada. However, no one may classify themselves as a chartered accountant unless they have been registered as a member of the Institute and possess a valid certificate issued by the Council which entitles them to be in public practice. The ICAEC is additionally a member of the Institute of Chartered Accountants of the Caribbean. The professional accountancy qualification Association of Certified Chartered Accountants (ACCA) examinations can be undertaken in the country at St. George’s, with a prerequisite certain level of secondary education.
Personal income tax rate in Grenada is a flat 30%. Non-residents in the country are subject to tax on income that has been earned from business that was directly or indirectly carried out in Grenada. Additionally, employees are subject to a National Reconstruction Levy at a rate of 3% on incomes over EC$1,000 per month. For domestic companies, corporate taxes are levied on net profits of companies at a rate of 30%. However, in the case of sole proprietorships there is an EC$60,000 exemption. A debt service levy is payable on salaries over US$12,000 per year at a rate of 10%. In 1995 the General Consumption Tax (GCT), a form of value added tax, was introduced. It is levied on the importation and local sale of goods and some services. GCT on imported goods is charged at rates ranging from zero to 25%. In the 2012 Ease of Doing Business Index the country placed 91st in the world for paying taxes, above St. Kitts and Nevis (133rd), Antigua and Barbuda (135th) and Jamaica (172nd).
|Accountancy, Audit and Tax organisations in Grenada|
|Danny Williams & Co||
|Seon & Associates||