CATEGORY:ECONOMY/MONEY --------------------------- By Wallace J.A Inside Grenada correspondent Thursday January 25,2007 ST.GEORGE - On Tuesday of this week, officials from the Ministry of Finance in Grenada presented a Value Added Tax white paper to the nation. This white paper outlines the government’s plans and policies with respect to the implementation of VAT come October 1, 2007. The Value Added Tax is one of the many elements comprising the government’s economic reform program as Grenada moves in the direction of updating and standardizing various aspects of the present tax configuration. Grenada will be joining more than 130 countries where VAT is already established. This tax (VAT) was first introduced in Grenada around the period 1996/97 but was phased out after a relatively short duration. The proposed tax will carry a rate of 15% with a lesser rate of 10% for tourism. The tax will not be applied across the board on everything since Government officials have exempted certain goods and services from the tax, most likely to provide some form of relief for the impecunious persons in the country.