2018/19 Budget Communication 2018_2019 BUDGET COMMUNICATION | Page 36

2017/18. That ratio stands in stark contrast to an average
ratio in the mid 20 per cent range in the Caribbean region.
As well, it has been estimated that our system as structured
produces far less revenue than potentially could be raised
given the economic structure of the country. In its latest
Article IV Staff Report, the IMF went so far as to suggest
that, with the recently revised national accounts—revealing
an economy much larger than previously thought—there
exists significant scope to accelerate the pace of tax reform.
In light of the evolving pressures outlined above, our
Government is of the view that it would be desirable and
appropriate to look at a further restructuring of our system of
taxation away from narrow-based and distortionary taxes.
Accordingly, we have commissioned Deloitte to undertake a
detailed assessment of the appropriateness of, and options
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