ST. GEORGE’S, Grenada, Thursday October 30, 2014, CMC – The role of the Grenada Investment Development Corporation will be changed when legislators approve Grenada’s new Investment Bill before the end of the year.
“The Bill reflects a legal framework that encompasses best practice so as to ensure that all prospective and existing investors and public officers understand all aspects of the Investment Act which is in compliance with Grenada’s Constitution,” said Kaisha Ince, a Commonwealth Secretariat Legal expert.
During a briefing about the Bill on Tuesday, she told stakeholders which included investors that the new Bill is based on the assumption that investment climate needs to be improved and that Grenada wants to attract investments.
“It seeks to promote, encourage and protect investment in Grenada and provides investors with a stable framework of fundamental and enforceable rights and guarantees,” she said.
Timothy Antoine, Permanent Secretary in the Ministry of Finance reminded the stakeholders that the Investment Bill is one commitment made by the government in the Letter of Intent signed with the International Monetary Fund (IMF).
“The New Incentive Bill will see a natural flow of amendment to a number of existing laws including the Value Added Tax, the Customs Tax, the Income Tax and the Property transfer Act,” Antoine said while explaining that the GIDC will be turned into a promotion agency.
“The purpose of the law is to attract investors and this new Agency will be looking for investors, right now Investors come to GIDC” he said.
Elaborating further he said that the GIDC will continue to work and function until the new entity becomes operational.
Under the new Bill, the granting of concession will be based on performance of a investor and the Government will have the right to review and revoke the concession after a performance assessment.