JIS News

Story Highlights

  • A Bill to amend the General Consumption Tax (GCT) Act was tabled in the Senate on Friday, September 19, paving the way for an improved tax collection system.
  • Justice Minister, Senator the Hon. Mark Golding, tabled the Bill, which was passed in the House of Representatives on September 17.
  • It introduces a series of adjustments, which aim to facilitate the operation of businesses as well as achieve greater efficiency and effectiveness in the system of tax collection and widen the tax net.

A Bill to amend the General Consumption Tax (GCT) Act was tabled in the Senate on Friday, September 19, paving the way for an improved tax collection system.

Justice Minister, Senator the Hon. Mark Golding, tabled the Bill, which was passed in the House of Representatives on September 17.

It introduces a series of adjustments, which aim to facilitate the operation of businesses as well as achieve greater efficiency and effectiveness in the system of tax collection and widen the tax net.

The amendments also seek to widen the range of offences under the GCT Act and bring the penalties for breach of those offences to appropriate and realistic levels.

Additionally, the Bill  is geared at resolving the dichotomy between the GCT and the Special Consumption Tax (SCT) credits, making it clear that there is to be no cross claiming.

The Act seeks to remove the notice period required when the Commissioner General has to compel registration, and speaks specifically to the arrangements regarding the deferment of GCT payments by manufacturers.

It introduces modernised regimes, in keeping with international best practices, for example, those pertaining to the treatment of imported or government services.