Virtual meeting for SIDS

CATA, in collaboration with EY, hosted a virtual meeting for Small Island Developing States (SIDS) in the Caribbean to discuss the positioning of SIDS in the new international environment. The event took place on 27th July 2020 and attendees included representatives from The Bahamas, Barbados, Canada (CATA Regional Director), Guyana, Turks & Caicos, the Caribbean Organisation of Tax Administrators (COTA) and the Caribbean Community (CARICOM) Secretariat.

Topics discussed during the meeting included the latest developments in international tax and financial regulations and the constraints faced by SIDS, linkages between tax and trade, and the impact of COVID-19. The event also provided an opportunity for countries to share their experiences especially on how best to ensure compliance with the global tax transparency and reporting requirements and implementation of Financial Action Task Force (FATF) standards.

A number of SIDS have very fragile economies susceptible to weather elements, constrained fiscal space and narrow tax bases. Being majorly reliant on the tourism and hospitality sectors, the effects of the current pandemic has adversely impacted on their abilities to raise required revenues. As international financial centres, compliance with the international transparency requirements is key to the countries’ global reputation in attracting foreign investment.

This is an ongoing dialogue and arrangements for follow-up meetings are underway.The details will be announced once finalised.