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Belize-Guatemala Relations at CARICOM

Belize-Guatemala

Statement on Belize-Guatemala Relations at the 37th Regular Meeting of the Conference of Heads of Government of the Caribbean Community (CARICOM), held in Georgetown, Guyana.

Belmopan, Belize. July 7, 2016. Foreign Minister of Belize, Hon. Wilfred Elrington lead a delegation at the 37th Summit of the Regular Meeting of the Conference of Heads of Government of the Caribbean Community (CARICOM), held in Georgetown, Guyana from 4th to 6th July 2016.
At the conclusion of the 37th Summit the Heads of Government issued an official Communiqué covering a wide range of issues, including regional security, the CARICOM Single Market and Economy (CSME), correspondent banking and the de-risking threat to the Region, strengthening CARICOM-Cuba relations, the border disputes between Guyana and Venezuela, and Belize and Guatemala, among others.
The Communiqué included a statement on the Belize-Guatemala border dispute, as well as a separate Statement in Attachment I to the Communiqué, that expressed strong support for Belize in relation to the Guatemalan claim, and reads as follows:
BELIZE-GUATEMALA RELATIONS
Heads of Government received an update on the most recent developments between Belize and Guatemala.
Heads of Government expressed their full support for the Government of Belize as it enters the process of dialogue and welcomed the decisions of the Government of Belize and Guatemala to engage in the design and development of a mechanism of cooperation for the Sarstoon River, which marks Belize’s southern boundary. They urged them to complete this at the earliest opportunity.
Heads of Government expressed support for the continuous and critical role of the Organisation of American States (OAS) in the process aimed at resolving the dispute arising from Guatemala’s claims and further calls on the international community to continue supporting the OAS office in the Adjacency Zone. The Conference of Heads of Government also supports the efforts of Belize and Guatemala to move deliberately to fully implement the special agreement of 2008 between Belize and Guatemala to submit Guatemala’s territorial, insular and maritime claims to the International Court of Justice.
The Heads of Government emphasised their unflinching support for the sovereignty, territorial integrity and security of Belize.
The full text of the 37th Regular Meeting of the Conference of Heads of Government of the Caribbean Community (CARICOM) Communiqué is available on the CARICOM website http://caricom.org/

CARICOM reiterates call for lifting embargo on Cuba

CARICOM reiterates call for lifting embargo on Cuba
President of Guyana, H.E. David Granger

While Heads of Government of the Caribbean Community (CARICOM) are pleased at the ongoing normalisation of relations between Cuba and the United States of America (USA), they are reiterating a call for lifting the Trade and Economic Embargo imposed by the US on the Spanish speaking Caribbean country.

Addressing the media at a press briefing late last night, to apprise them of the major outcomes of the 37th Meeting of the Conference of CARICOM Heads of Government, which ended in Georgetown, Guyana on Wednesday, President of Guyana, H.E. David Granger said in the new environment in Cuba, the Heads also recognised the need to seize the trade, business and investment opportunities including those in tourism.
In this regard, they agreed that every effort will be made to conclude negotiations for a Second Protocol to the Trade and Economic Cooperation Agreement with Cuba, to allow for it to be signed before the end of 2016.
He reported on the “excellent discussion” CARICOM Heads of Government had with Her Excellency Michelle Bachelet, President of Chile, as the Community renewed its longstanding political and cooperation relations with that country.
“Chile has been a long supportive country of the Community through its institution and capacity building projects in a wide diversity of areas.  We agreed to heighten political engagement and that technical co-operation should be expanded to include Climate Change, the Sustainable Development Goals and trade co-operation,” President Granger said.
Regarding Brexit, the Guyanese President said that Heads of Government remained confident that the United Kingdom and the European Union will remain strong and valued partners of the Caribbean Community.

JHTA Examines Transfer Pricing in the Tourism Industry

tourism

KINGSTON, JAMAICA- A thriving business environment for tourism is required in any country to support the development of that country’s economy.

Under that premise, the Jamaica Tourist and Hotel Association (JHTA) hosted a webinar for its members that examined transfer pricing and how it impacts the tourism industry. This is part of the association’s monthly webinar series aimed at exploring topical issues in tourism and was hosted by Allison Peart, Country Managing Partner and Tax Partner for EY Jamaica. “This month we focused on transfer pricing in the tourism industry because our members and member companies are impacted by transfer pricing” said Omar Robinson, President of the JHTA.
Globally, transfer pricing generally refers to the pricing of transactions between related parties. In Jamaica, the transfer pricing rules apply to transactions conducted by taxpayers resident in Jamaica with connected parties including transactions relating to services, loans, guarantees, etc.
Tourism is a complex industry with numerous subsectors. Players in the sector include hotels, air carriers, transport companies, tour operators, travel agents, rental agencies and other suppliers to the industry. Jamaica operates in a highly competitive market and as such it is important for all sectors, not just tourism to develop and implement a tax risk analysis methodology for transfer pricing, and develop monitoring mechanisms on transfer pricing’s impact on business operations.
The transfer pricing rules in Jamaica and globally can be quite intricate and as such; Ms Peart advises that businesses utilize the expertise of trained transfer pricing experts as they navigate this fast evolving measure. She stated that “businesses also need to ensure that they have the requisite documentation to share with the Tax Administration Jamaica to demonstrate they are aware of the connected party transactions and to certify their income tax returns. However, based on the new transfer pricing rules, only taxpayers whose gross annual revenue equals or exceeds J$500 million are currently required to maintain transfer pricing documentation at the time of their transactions to prove arm’s length pricing.”
Recent investments in Jamaica’s tourism industry have resulted in the sustained growth of the sector and have positive spill overs for the growth of the economy. The implementation of tax measures can be very costly and sometimes result in substantial obstacles to business and investment. Continued emphasis must be placed on streamlining the tax system, so as to further stimulate tourism growth by reducing the costs for businesses to start up and operate in the sector.
During the one hour webinar Ms. Peart addressed the arm’s length principle that underpins the Organisation for Economic and Co-operative Development (OECD) transfer pricing guidelines and outlined why transfer pricing should be taken seriously.  She said “A recent EY study and survey identified transfer pricing as the most important tax issue currently”. Globally, governments implemented transfer pricing rules to ensure fairness across the board for all companies due to a difference in income tax rates in different countries. These governments and the OECD share the view that without relevant statutes, some companies might understate or overstate their tax revenues and so the OECD is recommending global transfer pricing standards be introduced to govern transactions between related parties.

Representative of Trinidad and Tobago to the OAS Presents Credentials

OAS

New Representative of Trinidad and Tobago to the OAS Presents Credentials.

The new Permanent Representative of Trinidad and Tobago to the Organization of American States (OAS), Anthony Phillips-Spencer, today presented his credentials to Secretary General Luis Almagro, in a ceremony in which he stressed the relevance and value of the Organization in addressing security and development in the region.
“My arrival to the OAS as the representative of Trinidad and Tobago is a reaffirmation of the commitment of my country to the OAS and a recognition of the important value that, despite its challenges, the OAS continues to deliver for the people of the hemisphere,” said the Trinitarian diplomat during the ceremony that took place at OAS headquarters in Washington, DC.
Secretary General Almagro commented on the important leadership skills and expertise of Ambassador Phillips-Spencer in the area of security and his strong academic background in economics. “He has been a regular contributor to the discussions on the security problems of small states and was instrumental in the formulation of the Caribbean Basin Security Initiative,” said the Secretary General.

Law week begins Thursday

Bar Association

The Dominica Bar Association will convene law week from Friday 8th July to Friday 15th July.

Law week, which is in its third year, is an initiative by the Dominica Bar Association to sensitize, inform and educate the public on their rights and responsibilities, provide the forum to discuss areas of interest, give back to  society and foster socialization among its membership.
One of the objectives of the Dominica Bar Association is to promote the dissemination of information on legal subjects through lectures, discussions and books, and through correspondence with public bodies and individuals.
The premier event is the third Justice Telford Georges Memorial Lecture titled The Death Penalty: the Rarest of the Rare the Worst of the Worst scheduled for on Friday, July 8th at Dominica State College Auditorium from 7:00pm.
Other activities will include the fifth annual Law Fair/ Pro Bono Day on Saturday, July 9th; a church service at the St. Georges Anglican Church from 8:00 am on Sunday, July 10th; the second edition of ‘Legally Speaking’ at the Fort Young Hotel from 7:00- 9:00pm on Tuesday, July 12th and a health activity on Wednesday, July 13th.
The events will culminate with two social activates.
On Thursday, July 14th Reggae on the Boardwalk at Loubiere and a cocktail, party and dance on Friday, July 15th.
The association invites the members of the public to attend and fully participate in the public activities.

Caricom Chairman calls for Embrace Of CCJ

CCJ

At that same event, CARICOM Chairman, Dominica’s Hon Prime Minister, Dr Roosevelt Skerrit encouraged regional governments to accede to the appellate jurisdiction of the Caribbean Court of Justice.

Hon. Skerrit made the appeal as he addressed the official opening ceremony of the 37th Regular Meeting of CARICOM Heads of Government in Guyana on Monday.
“The highly significant rulings of the CCJ in matters of free movement clearly emphasize the value of this court. I believe that the confidence which we have shown in obtaining our political independence must now be extended to seizing our regional judicial sovereignty as has been done by Guyana, Barbados, Belize and Dominica. I want to encourage our other member states to take the necessary steps to accede to the appellate jurisdiction of the Caribbean Court of Justice,” he said.

Millions Paid Out In Tax Refunds

tax returns
Regus Managing Director, Mark Linehan (right) taking Finance Minister, Christopher Sinckler (centre) and Chairman of Williams Industries, Ralph "Bizzy" Williams on a tour of the new business centre in St. Thomas on Tuesday. (C.Pitt/BGIS)

Government paid out approximately $202, 254 million in tax returns to Barbadians between April 2015 and March 2016.

This was revealed by Minister of Finance, Christopher Sinckler while addressing the recent launch of the Regus Business Centre in Welches, St Thomas.
According to the Minister, $82 million was paid in VAT returns, $72 million in Income Tax and $33 million in Corporation Tax. He added that payments would continue as resources allow and cash flow improves.
The Minister told stakeholders that Government was not unmindful of the pressures the existing economic and financial challenges placed on businesses, particularly in the areas of their cash flow and reinvestment variables.
“It is a situation which affects not just the businesses, but Government as well, and is one which has to be resolved as quickly as possible, and as humanely as possible,” he said.
Meanwhile, Mr. Sinckler appealed to businesses and stakeholders to be patient and pledged to work with them in pursuit of timely solutions. He noted that Government was acutely sensitive to the legitimate lamentations of businesses, especially smaller ones, about the challenges they continue to face with the slow payment of statutory returns and trade payables.
“This is not a situation which we in the Ministry of Finance like; and is not one which we would like to see drag on inordinately because it affects the businesses…,” he said, noting that Government had adopted a more aggressive and assured strategy towards dealing with this “unsustainable yet understandable situation”.
However, he made it clear to businesses that “as Government needed to be more expeditious in meeting its commitments to you, you also need to be expeditious in settling your commitments to Government”.
He explained the system was interlocked and if one part did not function well enough, then the other part was hobbled and people would keep shouting at each other and nothing would get resolved.
“We have to find ways to unlock things that we do. Government over the years had amnesties on top of amnesties, and probably would have some in the future again…,” he said.
The Minister stated that if the doors could be unlocked, businesses such as the Regus Business Centre could blossom and become a reality.

Saint Lucia #2 in Caribbean

Best Places to Visit

U.S. News travel guide has ranked Saint Lucia number two in the category of “Best Places to Visit in the Caribbean.”

Saint Lucia has earned the second place spot in the US News and World Report as one of the best places to visit in the Caribbean.
According to US News, Saint Lucia “has a growing fan base” among music lovers, honeymooners and adventure seekers alike, and is within reach of the average traveler “despite its reputation as a luxurious hideout.”
“The travel rankings are based on an analysis of expert and user opinions, votes and insights, plus factors like accessibility to beaches, tourist sites and comfortable accommodations. This unbiased approach makes our rankings more useful than simply providing our editors’ personal opinions,” US News states.
Destination rankings are updated annually.

MAREP and Financier Signs Aide Memoire

MAREP

On Thursday, June 30th, 2016, the Market Access and Rural Enterprise Development Programme ( MAREP ) Government of Grenada (GOG) signed an Implementation Support Mission Aide Memoire with the International Fund for Agriculture Development (IFAD) at the Ministry of Finance, St. George.

The Implementation Support (IS) Mission was held from June 25th to July 1st 2016 to review the “programme’s performance and identify bottlenecks hindering the programme’s disbursement and implementation progress”. The Mission endorses that the Program’s implementation continues to show progress following the Supervision Mission held on November 26th – December 3rd, 2015 in relation to the Vocational & Skills Trainings (VST), Strengthening of Community Based Organizations, Support to micro-enterprises through business development services (business plans, hand-holding and extension services) and Market Access Opportunities (income generation for beneficiaries).
The Aide Memoir reveals that the programme is geared at attaining impact through partnerships and support from implementing partners through its 2016 AWPB. Notably, in order to document findings and endorse agreements, the IS Mission embarked on meetings the Prime Minister, officials from the Ministry of Finance & Energy (MOF), MAREP’s Programme Management Unit (PMU), along with stakeholders namely Grenada Industrial Development Corporation (GIDC) and Grenada Bureau of Standards (GBS) to discuss the implementation progress. In addition, several field visits to interact with MAREP’s representatives/beneficiaries of rural organisations and training were conducted.
Present at the signing was Mr. Ambrosio Barros, IFAD Programme Officer and Mission Leader, Mrs. Amanada Gittens-Baptiste, IFAD Financial Management Consultant, Ms. Kim Fredrick, Deputy Permanent Secretary, Ministry of Finance & Energy and Programme Steering Committee (PSC) chairperson, Mr. Byron Campbell, Programme Manager and Management Team, MAREP.
Conclusively, the signing of the aide memoire, indicates Government of Grenada’s commitment to the speed up MAREP’s implementation, improve on stock taking/reporting and the programme’s effects on beneficiaries; that is, reduction of rural poverty and vulnerability for unemployed or self-employed rural young men and women, development and employment opportunities, agricultural successes, increased agricultural production and sustainable livelihoods for farmers in rural communities across Grenada, Carriacou and Petit Martinique.

Caricom heads discuss potential impact of Brexit

CARICOM on Brexit

Chairman of CARICOM, Dominica’s Hon Prime Minister, Dr. Roosevelt Skerrit wants CARICOM Heads of Government to consider the potential impact of Britain’s exit from the European Union.

Hon Skerrit made the remark as he addressed the official opening of the 37thmeeting of CARICOM Heads of Government in Guyana on Monday, July 4th.
“At a time when the rest of the world is moving towards regional integration in order to carve out an economic space in the global marketplace and balance the might of the emerging superpowers, Britain has chosen to retreat to insular nationalism. Already the political, economic and social fallout of this decision to go it alone is causing considerable concern within Britain, Europe and the rest of the world.
“This conference gives us a wonderful opportunity to seriously consider the effect that Britain’s exit from the European Union will have on CARICOM to demonstrate leadership by showing the way forward.
“After all, we have a had a long and deep relationship with the United Kingdom and Britain remains one of our most important trading partners, the largest source market for our primary industry and a vital source of assistance on legal and financial matters.”
A referendum – a vote in which everyone of voting age can take part – was held on Thursday 23rd June, to decide whether the UK should leave or remain in the European Union.
Fifty-two percent of voters chose to leave the EU.

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