Successful Implementation of MTS Unleashes New Era in Taxation for Grenada: enter GTAX

Forget dusty folders and endless queues – Grenada’s tax game just got a serious upgrade. Enter GTAX, the sleek new digital platform replacing pen-and-paper drudgery with a user-friendly online portal for taxpayers and IRD officials. Launched in January 2024, this game-changer isn’t just a tech makeover; it’s a strategic leap towards a future-proof tax system built on international best practices. GTAX, the Grenada version of the Multi Tax Solution (MTS), will modernize domestic resource mobilization in Grenada.

See the official announcement:

Imagine the IRD transformed from a stern tax collector into a supportive partner, guiding taxpayers through the process and making life easier. That’s the vision, and GTAX Grenada is the rocket fuel. This shift towards customer-centricity isn’t just feel-good fluff; it’s good economics. Happy taxpayers remain engaged, invest more, and contribute to a thriving Grenada.

Filing and paying key taxes like VAT, PAYE, and corporate income tax is now just a few clicks away for large and medium-sized businesses, with the rest of the island joining the party later this year. But GTAX isn’t just about convenience but a whole new mindset.

This digital transformation, funded by the World Bank’s DG4R project, is a crucial pillar in Grenada’s national resilience plan. It’s about streamlining government services, boosting transparency, and making doing business in Grenada a breeze. Think paperwork and unnecessary steps purgatory replaced by a digital solution tailored to the jurisdiction’s needs.

Of course, no revolution happens overnight. Rolling out GTAX in phases ensures a smooth transition, with plenty of support and training for businesses and the IRD.

BearingPoint Caribbean’s Multi Tax Solution powers GTAX

The Multi Tax Solution is a comprehensive software platform that simplifies and unifies tax administration processes. It can process all tax types such as income, sales, payroll, and more under one user-friendly interface, eliminating the need for multiple systems and manual data entry.

The software meets the highest international compliance standards, incorporating pre-configured legislation, regulations, and best practices. This ensures accurate calculations and reporting, minimizing the risk of errors and non-compliance.

MTS has a proven track record of success. Several jurisdictions in the Caribbean using the platform have reported significant improvements in efficiency, resource utilization and compliance rates. This translates to reduced time and much higher public revenues as a result of increased tax compliance.

This migration to enhanced digital processes will also facilitate the IRD’s broader strategic shift from a traditional tax collection agency to a more robust and customer-focused division that will act as a supportive partner and educator to taxpayers.

The renewed focus on stakeholders’ needs and operational efficiencies will mark the defining features of the IRD’s ongoing focus on digitization. Initially, the IRD will target large and medium-sized businesses and will make available 3-monthly tax types for online filing and payments: Value Added Tax (VAT), Pay As You Earn (PAYE), and Corporate Income Tax.

On behalf of the entire team at BearingPoint Caribbean & C2D, they would like to express their deepest appreciation to Grenada’s Inland Revenue Division (IRD) and all the individuals who played a pivotal role in this project. They are thrilled to have achieved this significant milestone, and they look forward to continuing their successful partnership with the IRD. Their commitment to delivering software solutions that modernize public services in the Caribbean remains unwavering, and they are excited to see what the future holds.

Original Source: https://www.bearingpointcaribbean.com/blog/gtax-mts-grenada-succes/

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