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The Exchange of Tax Information Portal is an initiative of the Global Forum on Transparency and Exchange of Information for Tax Purposes. The Global Forum conducts peer reviews of its member jurisdictions' ability to co-operate with other tax administrations in accordance with the internationally agreed standard. The standard provides for exchange of information on request where it is foreseeably relevant to the administration and enforcement of the domestic tax laws of the requesting jurisdiction. Effective exchange of information requires that jurisdictions ensure information is available, that it can be obtained by the tax authorities and that there are mechanisms in place allowing for the exchange of that information. The Global Forum's peer review process examines both the legal and regulatory aspects of exchange (Phase 1 reviews) and the exchange of information in practice (Phase 2). The EOI Portal will track the development of these peer reviews, including changes that jurisdictions make in response to the Global Forum's recommendations.

Peer Review: Peer Review Report Phase 1 Legal and Regulatory Framework - Grenada

This report for Grenada has been published on 20 Jun 2012. You can buy this report, or browse it online below.

Skip directly to the Executive Summary. You may also want to view the tables of determinations and ratings.


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Determinations and Recommendations

Jurisdictions should ensure that ownership and identity information for all relevant entities and arrangements is available to their competent authorities. (ToR A.1)
Determination Factors Recommendations
The element is in place, but certain aspects of the legal implementation of the element need improvement.   In relation to external companies that are resident in Grenada, there is no legal requirement to make updated ownership information available.  Grenada should ensure that updated ownership information in relation to external companies that are resident in Grenada is available. 
Grenada’s law do not contain any mechanisms to ensure that the share registers maintained by international companies will be kept updated.  Grenada’s law should provide for mechanisms ensuring that the share registers maintained by international companies will be kept updated. 
Ownership information in relation to trusts is not available in all circumstances.  Grenada should ensure that ownership information in relation to trusts is available in all circumstances. 
Jurisdictions should ensure that reliable accounting records are kept for all relevant entities and arrangements. (ToR A.2)
Determination Factors Recommendations
The element is not in place.   Obligations to maintain reliable accounting records for five years, including underlying documents, in line with the Terms of Reference are not in place for international companies, offshore banks, international insurance companies and international trusts.  Grenada should introduce consistent obligations for all relevant entities and arrangements to maintain reliable accounting records, including underlying documents in line with the Terms of Reference. 
Banking information should be available for all account-holders. (ToR A.3)
Determination Factors Recommendations
The element is in place.      
Competent authorities should have the power to obtain and provide information that is the subject of a request under an exchange of information arrangement from any person within their territorial jurisdiction who is in possession or control of such information (irrespective of any legal obligation on such person to maintain the secrecy of the information). (ToR B.1)
Determination Factors Recommendations
The element is in place, but certain aspects of the legal implementation of the element need improvement.   Access to information in compliance with the standard is only granted to the 15 countries with which Grenada has signed a TIEA. Grenada does not have the necessary powers to access information in compliance with the standard in other cases due to a domestic tax interest requirement and several confidentiality provisions.  Grenada should ensure a full access to all type of information in respect of all its EOI arrangements, irrespective of the date when it entered into an EOI relationship with a treaty partner. 
The rights and safeguards (e.g. notification, appeal rights) that apply to persons in the requested jurisdiction should be compatible with effective exchange of information. (ToR B.2)
Determination Factors Recommendations
The element is in place.   The prior notification procedure in civil tax matters provided by the EOI Act only allows for an exception when the whereabouts of the taxpayer are not disclosed to the Inland Revenue Department.  It is recommended that wider exceptions from prior notification be permitted in civil tax matters under the EOI Act (e.g. in cases in which the information request is of very urgent nature or the notification is likely to undermine the chance of the success of the investigation conducted by the requesting jurisdiction) 
Exchange of information mechanisms should provide for effective exchange of information. (ToR C.1)
Determination Factors Recommendations
The element is in place, but certain aspects of the legal implementation of the element need improvement.   Of Grenada’s 27 EOI relationships, 12 do not allow for exchange of information to the standard.  Grenada should update its agreements which presently do not meet the standard to ensure that they provide for effective exchange of information in all cases. 
The jurisdictions' network of information exchange mechanisms should cover all relevant partners. (ToR C.2)
Determination Factors Recommendations
The element is in place, but certain aspects of the legal implementation of the element need improvement.   The CARICOM Treaty as well as the DTCs signed with South Africa and Switzerland do not provide for EOI to the standard.  Grenada should continue to develop its exchange of information network to the standard with all relevant partners, in particular with its CARICOM partners. 
The jurisdictions' mechanisms for exchange of information should have adequate provisions to ensure the confidentiality of information received. (ToR C.3)
Determination Factors Recommendations
The element is in place.      
The exchange of information mechanisms should respect the rights and safeguards of taxpayers and third parties. (ToR C.4)
Determination Factors Recommendations
The element is in place.      
The jurisdiction should provide information under its network of agreements in a timely manner. (ToR C.5)
Determination Factors Recommendations
The assessment team is not in a position to evaluate whether this element is in place, as it involves issues of practice that are dealt with in the Phase 2 review.