Tax systems hampering investment

The Inter-American Development Bank (IDB) says complex tax systems and widespread evasion are hampering investment decisions by companies in the Caribbean and Latin America.

In a report released on Thursday, the IDB said this reduces market efficiency and prevents governments from investing in infrastructure, education and other services.

The document also said that the region has low tax collection by international standards, with collection concentrated on large corporations.

According to the IDB, taxes are also associated with high transaction costs.

The Bank also noted that Latin Americans spend an average of 320 hours a year to prepare, file and pay their taxes, while the processing period is less in firms in Dominica, Grenada and St Lucia.
UN envoy wants Haiti elections

The United Nations’ acting mission chief in Haiti says the country must proceed with presidential election this year despite widespread damage caused by the recent earthquake.

Edmond Mulet says Haiti cannot afford what he called ‘constitutional slippage’ as it rebuilds from the 12 January disaster.

Before the quake struck, there were preparations for two votes – legislative elections in February and the presidential contest later this year.