Grenada launches new tax administration system called GTAX

Getting your Trinity Audio player ready...

The Caribbean nation of Grenada recently shifted to an institutionalized digitization of the Inland Revenue Division’s tax administration system through the implementation of the Grenada Tax (GTAX). The Ministry of Finance has clarified that the new system will be implemented gradually over the course of 2024, although the process has definitely been initiated.

The Government of Grenada sees this initiative as a vital part of its plan to bring about a national transformation in terms of the taxation system.

This step has been facilitated through funding secured from the World Bank and the Digital Governance (DG4R) Initiative, which has brought significant change to the nation’s Administration and Management Taxation System.

This is playing a major role in the rejuvenation of the Inland Revenue Division’s operational procedures as digitization allows the agency to move from traditional forms of tax collection to a more customer-oriented system, allowing it to support and educate taxpayers.

In fact, the Inland Revenue Division has stated that its primary focus through digitization will be on meeting the needs of stakeholders and working towards improving operational efficiency.

In the initial stages the IRD will work on large and medium sized businesses, which will be required to provide three-monthly tax types for online filing and payments, namely a Value Added Tax (VAT), Pay As You Earn (PAYE), and Corporate Income Tax (CIT) Instalments.

In the second phase of the process, which will be undertaken in the last quarter of 2024, the system will offer all tax types via online services to individuals, businesses as well as property owners.

As the system is put into place, taxpayers will be granted a designated period to furnish their full online registration with a valid email address by visiting tax.gov.gd. Acting Comptroller of the IRD, Sheena Lewis, conveyed her excitement about the prospects that the new system brings and its potential to benefit taxpayers.

In a statement, she said, “For the IRD, this new IT system (G-Tax) means increased efficiency in our day-to-day operations, streamlined processes, and enhanced collaboration across departments. It means staying ahead of the curve in a rapidly evolving technological landscape. It means providing our taxpayers with a seamless and improved experience.”

Under the new system, tax payers registered for VAT, PAYE, and CIT (installments), will receive a designated Tax Identification Number (TIN).

The existing tax identification numbers will be stored, so as to maintain the tax records for 2023 and previous years. The IRD is aiming to implement the new system in its entirety by the end of 2024, thus ensuring that new TIN numbers are issued to taxpayers promptly.

This will help them enjoy all the benefits of the new system by the end of the year, bringing the nation into a new era in terms of the taxation system.

The relevant authorities have also urged the public to make use of the information shared on the IRD website on ird.gd/gtax or contact the office at 440-3556, as the government continues to give more details.

Ana Allen
Ana Allenhttp://writeups24.com
Anna Allen, news writer at Writeups24, is a Harvard graduate with a passion for journalism. With her keen eye for detail and insatiable curiosity, she captures the essence of global stories. Anna's writing informs and delves into cultural nuances. To reach Anna, you can email contact@writeups24.com

Advertisement

Related Articles