Find Accountancy, Audit and Tax expertise in St Vincent and The Grenadines
St Vincent and the Grenadines is a member of the Organisation of Eastern Caribbean States (OECS) and therefore its auditing regulation is controlled centrally by the Eastern Caribbean Central Bank (ECCB). Banks are obliged to comply with at least the minimum International Financial Reporting Standards (IFRS) as well as the ECCB’s requirements. The ECCB requires banks to submit an annual audit, a quarterly report of income statements and a monthly report on their balance sheets. Transparency of financial operations is important as local banks are required to publish their financial statements annually in local newspapers and to exhibit them in their offices. The Companies Act makes a clear distinction between public companies and other businesses when it comes to accounting and auditing guidelines. In terms of resolving insolvency the World Bank Ease of Doing Business Index (2011) ranks St Vincent and the Grenadines, along with St Kitts and Nevis and 15 others, in 183rd place out of 183 countries.
The main professional body for accountants is the Institute of Chartered Accountants of Eastern Caribbean-St Vincent and the Grenadines which is in turn a member of the Institute of Chartered Accountants of the Caribbean (ICAC), which regulates the accountancy sector in the region. The regional body is governed by a board of directors with Institutes from member countries electing a director of a two year period. The ICAC has a membership of some 3, 000 qualified professionals. The Institute has put in place a series of initiatives to improve the ease with which qualified accountants can move around the region by harmonising accountancy qualifications. The University of the West Indies offers courses including accounting.
The statutory tax rate for corporate tax in St Vincent and the Grenadines is 32.5%. Income tax is progressive and rates range from 10% to 32.5% with foreign nationals paying the same rates as locals. There is no capital gains tax. The World Bank ranks St Vincent and the Grenadines 73rd out of 183 countries with regards to paying taxes.
|Accountancy, Audit and Tax organisations in St Vincent and The Grenadines|
|Defreitas & Associates||
|PKF - St Vincent||