WITHIN the regional sphere, particularly the Caribbean Community (CARICOM), the diverse nature of each country’s economic stability has landed the regional bloc in a state wherein it is far from fiscal harmonisation.

This sentiment was expressed by President of the Caribbean Association of Industry and Commerce (CAIC), Mr. Ramesh Dookhoo, last Friday evening at the Guyana-Suriname Trade Mission’s press conference, held at Park View Hotel.

Loosely translated, the term ‘fiscal harmonisation’ refers to the process of implementing across a geographic region taxes that are similar in nature by increasing taxes in lower-tax areas to match those in higher-tax areas.

Pointing to the Surinamese call for “open borders” with Guyana to facilitate trade, Dookhoo noted that, as a trading bloc, “open borders means that we must harmonise our taxation systems; we must harmonise our monetary systems; we must harmonise our products and services, and we must harmonise all the other regimes that go with the manufacturing and exporting of goods and services.”

The reality, however, is that “we are far from fiscal harmonisation”, Dookhoo related, as he added that the issue of taxation harmonisation within the Region seems to have totally come off the bloc. “It is no longer on the table,” he stressed.

Highlighting the integral role of the Private Sector, Dookhoo further elaborated on the fact that the private sector should aim primarily to create business activities within CARICOM, thus pushing governments within the Region to force fiscal harmonisation.

Dookhoo also called for modification of trade laws, collectively and as individual jurisdictions within CARICOM. For this to happen, he contended, serious political commitment must be made by the government of each country.

As the currency exchange rate currently stands, one United States Dollar (USD) is equivalent to 6.34 Trinidad & Tobago dollars, two Barbadian Dollars, 115.10 Jamaican Dollars and 207.21 Guyanese Dollars.