These Private Sector Tax Policy Priorities Recommendations delivered at the 1st Latin America and Caribbean Ministerial Summit from 27-28 July 2023 in Cartagena address a range of tax policy areas that the private sector would like to see prioritized by Ministers of the Latin America and Caribbean Region. These areas were among those identified and discussed during an academic conference in May 2023.
This document underscores the importance of observing the following longstanding principles of sound taxation policy:
Ensure that tax policy is both administrable and not overly burdensome, enabling taxpayers to know where they stand and reasonably determine the tax consequences of contemplated transactions. Measures should provide certainty through effective dispute-resolution mechanisms (e.g., mandatory binding arbitration) and appropriate safe harbours for government and taxpayers;
Exchange views regularly with stakeholders during tax policy development and implementation to support meeting the government’s policy objectives, ensure adherence to international best practices, and strengthen trust and accountability between the government(s) and all affected parties;
Uphold international commitments, including tax treaty obligations that guard against double taxation and non-discrimination and national treatment obligations included in trade agreements;
Ensure neutrality in terms of method of delivery, sector, global engagement, and parent jurisdiction;
Promote certainty, fairness, and efficiency, all of which support the ability of companies to conduct business globally and contribute to the economic growth of the region; and
Apply tax policy changes prospectively—not retroactively—and with adequate transition periods. Changes to tax laws must include meaningful transition rules to provide adequate time for implementation, reduce the implementation cost, and minimise potential economic hardship.
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