CARICOM lobbies Portugal for support on tax concerns

portugal ambassadorGEORGETOWN, Guyana, Monday March 7, 2016 – As the Caribbean Community (CARICOM) continues to lobby for the removal of member states from the list of non-cooperative tax jurisdictions, Secretary-General Ambassador Irwin LaRocque has raised the issue with newly accredited Ambassador of Portugal to CARICOM Fernando Teles Fazendeiro, seeking his country’s support.

Portugal is among several European countries that have deemed some CARICOM nations as non-cooperative tax jurisdictions, even as the member states insist they are in compliance with standards established by the Financial Action Task Force (FAFT), the Global Forum and other international bodies.

Ambassador LaRocque told the Portuguese envoy that the Community was gravely affected by the listing, as financial services were of vital economic importance to CARICOM, and there were implications for its efforts at growth.

“It would certainly be a step in the right direction if this unjust and unfair action be rescinded,” the Secretary-General said at the new Ambassador’s accreditation ceremony at the CARICOM Secretariat in Georgetown, Guyana.

He said CARICOM would also welcome Portugal’s advocacy on the swift implementation of the 2030 Development Agenda, ensuring sensitivity towards small states, and the provision of financing for development.

Ambassador LaRocque said CARICOM also wanted support for global efforts to implement the most ambitious possible climate change targets, particularly pursuing efforts to limit the temperature increase to 1.5 degrees above pre-industrial levels.

He further sought support for CARICOM’s effort to stem the trend toward graduation of Small Island Developing States (SIDS) from access to concessionary financing.

Click here to receive free news bulletins via email from Caribbean360. (View sample)