Dominica
Small island developing states (SIDS) are among the most vulnerable countries to the impacts of the coronavirus (COVID-19) crisis, which is disrupting key economic sectors that SIDS’ undiversified and already fragile economies strongly rely upon. While they are succeeding to contain the health emergency, SIDS are faced with severe economic impacts which require bold government action and adequate international support. This policy brief: (i) highlights the impacts of the coronavirus (COVID-19) pandemic across SIDS; (ii) provides an overview of the support delivered by development co-operation providers to face the crisis; and (iii) provides suggestions to ensure that international support can lead to a fast and sustainable recovery in SIDS: a ‘blue’ recovery.
Eastern Caribbean countries enjoy rich natural endowments and have achieved significant economic development. Throughout the last decades, they have also been confronted with a number of rising economic, social and environmental challenges. To help them tackle these, and accelerate their development, the Organisation of Eastern Caribbean States (OECS) and the OECD have jointly designed a regional strategy scorecard, which is at the heart of the Development Strategy Assessment of the Eastern Caribbean.
The scorecard will help policy makers set priorities for the implementation of the OECS Development Strategy. Stronger resilience and capacity are the major guideposts towards both economic growth and social progress. The region can make much more of its green potential, with power generation topping the list. Improving regulation and reducing red tape can foster new, homegrown economic dynamism. Tourism, digital services and the sustainable ocean economy also offer untapped potential. Closing the skills gap, enhancing the quality of education and improving social protection are essential. Finally, as a red thread throughout, deeper regional integration would make it easier for OECS countries to pool resources in a range of areas, radically increasing the region’s potential for efficient governance, and accelerating the development of its human resources.
Dominica has two tax agreements in force as reported in its response to the Peer Review questionnaire, including the multilateral agreement among the members of the CARICOM concluded with ten treaty partners (the CARICOM Agreement). Agreement Among the Governments of the Member States of the Caribbean Community for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, Profits or Gains and Capital Gains and for the Encouragement of Regional Trade and Investment, St. Michael Barbados, 6 July 1994; between: Antigua and Barbuda (18 February 1998), Barbados (7 July 1995), Belize (30 November 1994), Dominica (19 June 1996), Grenada (1 March 1996), Guyana* (26 November 1997), Jamaica (16 February 1995), St. Kitts/Nevis (8 May 1997), St. Lucia (22 May 1995) St. Vincent (12 February 1998) and Trinidad & Tobago (29 November 1994). Neither of those agreements comply with the minimum standard.
Dominica has not yet introduced a requirement for the filing of CbC reports, as required under the BEPS Action 13 (CbC reporting) minimum standard.
Dominica has two tax agreements in force as reported in its response to the Peer Review questionnaire, including the multilateral agreement among the members of the CARICOM concluded with ten treaty partners (the CARICOM Agreement). Agreement Among the Governments of the Member States of the Caribbean Community for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, Profits or Gains and Capital Gains and for the Encouragement of Regional Trade and Investment, St. Michael Barbados, 6 July 1994; between: Antigua and Barbuda (18 February 1998), Barbados (7 July 1995), Belize (30 November 1994), Dominica (19 June 1996), Grenada (1 March 1996), Guyana* (26 November 1997), Jamaica (16 February 1995), St. Kitts/Nevis (8 May 1997), St. Lucia (22 May 1995) St. Vincent (12 February 1998) and Trinidad & Tobago (29 November 1994). Neither of those agreements comply with the minimum standard.
This report analyses the implementation of the AEOI Standard in Dominica with respect to the requirements of the AEOI Terms of Reference. It assesses both the legal frameworks put in place to implement the AEOI Standard and the effectiveness of the implementation of the AEOI Standard in practice.
Dominica has not yet introduced a requirement for the filing of CbC reports, as required under the BEPS Action 13 (CbC reporting) minimum standard.
Dominica has two tax agreements in force as reported in its response to the Peer Review questionnaire, including the multilateral agreement among the members of the CARICOM concluded with ten treaty partners (the CARICOM Agreement). Agreement Among the Governments of the Member States of the Caribbean Community for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, Profits or Gains and Capital Gains and for the Encouragement of Regional Trade and Investment, St. Michael Barbados, 6 July 1994; between: Antigua and Barbuda (18 February 1998), Barbados (7 July 1995), Belize (30 November 1994), Dominica (19 June 1996), Grenada (1 March 1996), Guyana* (26 November 1997), Jamaica (16 February 1995), St. Kitts/Nevis (8 May 1997), St. Lucia (22 May 1995) St. Vincent (12 February 1998) and Trinidad & Tobago (29 November 1994). In total, Dominica identified twelve "agreements" in its List of Tax agreements: two bilateral agreements and the CARICOM Agreement. Neither of those agreements comply with the minimum standard.
Dominica’s legal framework implementing the AEOI Standard is in place and is consistent with the requirements of the AEOI Terms of Reference. This includes Dominica’s domestic legislative framework requiring Reporting Financial Institutions to conduct the due diligence and reporting procedures (CR1) and its international legal framework to exchange the information with all of Dominica’s Interested Appropriate Partners (CR2).
Dominica does not yet have legislation in place to implement the BEPS Action 13 minimum standard.
Dominica has three tax agreements in force, as reported in its response to the Peer Review questionnaire, including the multilateral agreement among the members of the CARICOM concluded with ten treaty partners (the CARICOM Agreement). In total, Dominica identified twelve "agreements" in its List of Tax agreements: two bilateral agreements and the CARICOM Agreement.
This report is Dominica’s first annual peer review report. Consistent with the agreed methodology this report covers: (i) the domestic legal and administrative framework, (ii) the exchange of information framework as well as (iii) the appropriate use of CbC reports.
Dominica has three tax agreements in force, as reported in its response to the Peer Review questionnaire, including the multilateral agreement among the members of the CARICOM concluded with ten treaty partners (the CARICOM Agreement). In total, Dominica identified 12 "agreements" in its List of Tax agreements: two bilateral agreements and the CARICOM Agreement.