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Tax incentives have been used extensively in the countries of the Eastern Caribbean Currency Union (ECCU) to promote investment. The associated revenue losses are large, and benefits in terms of new investment have been limited, raising doubts about the cost effectiveness of the tax incentive schemes. This paper examines the effects of incentives using the marginal effective tax rate approach (METR), adapting this methodology to the case of a small open economy where the marginal investor is a nonresident. The results show that METRs are high in the region; that there is a large dispersion in the size of METRs across financing source; and that METRs on investment are larger than the overall distortion on capital, with a substantial subsidy to domestic saving. In the presence of tax holidays-the most common incentive scheme in the region-the distortion on capital basically vanishes.
The 2005 Caribbean Region Profile is a full-color, comprehensive reference guide for investors and key decision makers, containing concise and useful regional economic and business data for the Caribbean, Central and South Americas. In addition to informative charts and a regional overview, content includes Profiles with valuable information on trade and investment incentives, economic summaries, infrastructure and key government and business contacts for over 37 countries. Detailed sector summaries include telecommunications, energy and mining, agriculture, financial services, tourism, manufacturing, information technology, and communications.