Aggressive Tax Compliance Programme to Rake in $215.9 Billion

Minister of Finance and Planning, Dr. Omar Davies, has said that a “sustained, aggressive (tax) compliance programme” would be undertaken to achieve the projected $215.9 billion or 14 per cent increase in tax revenue outturn for the current fiscal year. Dr. Davies, who was making his 2007/08 budget presentation in Gordon House yesterday (April 12) outlined that to meet this target, the Financial Secretary has been mandated to work closely with the Director General of Tax Administration.
This collaboration, he said, would include undertaking forensic and large case audits, while focus would be placed on arrears and improvements in the operational efficiency of the Customs Department. “I will be giving personal attention to monitoring this collection programme. We know this target is feasible but will require concerted efforts,” he stated.
Turning to the deficit target for the fiscal period, which was 4.5 per cent of Gross Domestic Product (GDP), the Finance Minister said that approximately two per cent of GDP from expenditure was in relation to spending, which took place in previous fiscal years.
Hence, he said, “whilst the deficit target is 4.5 per cent of GDP in accounting terms, nearly half of the amount is accounted for in the previous years”.