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(Jamaica Observer) The International Monetary Fund (IMF) has released a new working paper on value added tax (VAT) and consumption taxes within the Caribbean region which asserts that competition for investments has led to diminishing returns from the tax category.

Tax Administration Reforms in the Caribbean: Challenges, Achievements, and Next Steps, by Stephane Schlotterbeck was released earlier this month.

Twenty Caribbean islands are discussed in the paper which analyses VAT performance in the region and concludes that while it has boosted revenues, the VAT has not reached its potential.

The author considers to be problematic the broad use of VAT exemptions, zero-rating, and VAT withholding to attract FDI and boost competitiveness.

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