Page 134 - Caribbean-Central America Profile 2018

ST VINCENT & THE GRENADINES

CARIBBEAN-CENTRAL AMERICA PROFILE 2018

CHARTERS TO
ALL CARIBBEAN
ISLANDS

AIR TAXI SERVICES AND SCHEDULED SERVICES
• For multiple destinations • Business Trips
• For more enjoyable hours at your vacation spot and for comfortable
worry-free returns & connections for sightseeing tours at your own pace
• For cargo or express flights of emergency parcels, material, spare parts
and documents that simply cannot wait.
• Air ambulance, Search and Rescue.
P.O. Box 39, E.T. Joshua Airport, Arnos Vale, St. Vincent and the Grenadines, W.I.
Tel: (784) 457-5124 • Fax: (784) 457-5077 • Email: svgair@vincysurf.com • www.svgair.com

The fourth type is called an Enclave Industry, Assistance to Small/Medium Size information and communication technology
meaning that it produces exclusively for export Manufacturers services of the business of the approved
to extra-regional markets. Under the Industrial Incentive Credit company.
Programme facilitated through the Ministry of
Additionally, exports of approved products Trade, Industry and Consumer Affairs, small to INVEST SVG
to Guyana, Jamaica and Trinidad and Tobago medium size manufacturers in agro-processing Invest SVG is the investment promotions
only, are eligible for an ‘Export Allowance’ and pasta, furniture and ice cream can benefit agency for St. Vincent and the Grenadines.
under the Act. Such an allowance, however, is from consumption tax relief as well as an Invest SVG is responsible for attracting and
confined to a period not exceeding 5 years after entitlement to 90% write-off of the outstanding facilitating local and foreign Direct Investment.
the expiration of the tax holiday period. Tax arrears of local consumption tax. Invest SVG also offers services in Investment
holidays are also granted to capital intensive Promotions, Investment Facilitation and
industries, where initial capital invested is not INFORMATION AND Research/Information Development.
less than ECD25 million. COMMUNICATION TECHNOLOGY
SERVICES INVESTMENT Invest SVG
Other benefits under the Act include: INCENTIVES ACT, 2007 2nd Floor Administrative Building
• Duty-free importation of plant, equipment, The objective of this Act is to encourage and Bay Street, Kingstown
facilitate investment in the information and
machinery, spare parts, raw materials or communication technology services sector St. Vincent and the Grenadines
components for a period equivalent to the and to stimulate employment in, and the Tel: (784) 457-2159
tax holiday granted. development of, the private sector of St. Vincent Fax: (784) 456-2688
• Exemption of income tax on dividends paid and the Grenadines by: E-mail: info@investsvg.com
Website: www.investsvg.com
to shareholders.
• Net losses set-off in computing the profits a. Reducing impediments to investment TRADE AGREEMENTS AND
in the information and communication
taxable for the 5 years following the tax technology services sector in Saint Vincent INVESTMENT TREATIES
holiday period. and the Grenadines. St. Vincent is a member of CARICOM and the
Export Development Incentives b. Providing appropriate inducements by Association of Caribbean States (ACS).
Enterprises benefiting from tax and duty way of tax reduction and other incentives It enjoys preferential access to the U.S. market
concessions under the Fiscal Incentives Act specifically designed to encourage under the terms of the Caribbean Basin Initiative
are accorded partial relief from income tax investment in the information and (CBI), and to Canada and Europe through the
chargeable on the profits earned from exports. communication technology services sector. CARIBCAN and Loma trade agreements.
This provision becomes operative as soon as c. Adopting measures which are calculated to
the enterprise’s tax holiday expires and lasts transfer technology and increase the rate at COMMERCE AND
for 5 years. Other benefits under the Export which the information and communication INTELLECTUAL PROPERTY
Development Incentives include: technology services sector of Saint Vincent OFFICE (CIPO)
• Repatriation of profits. and the Grenadines is developed and The Commerce and Intellectual Property Office
expanded.
(CIPO) is a statutory agency of the Government
• Exemption from capital gains tax. Investments under this Act provides for an of Saint Vincent and the Grenadines. The
• Working capital advances for the purchase approved company to be entitled to import free agency was formally established in December
of inputs and raw materials under the Export of import duty on plants, machinery, equipment, 2003, under Act No. 43 of 2003 and became
Credit Guarantee Scheme (ECGS). and fixtures for the use in the provision of operational in March 2004.

B-98 Caribbean-Central American Action