Finance Ministry on Special Tax Collection Drive


The Ministry of Finance and Planning has initiated a special tax collection drive to increase revenues, and to ensure that taxes are paid in a timely manner.
Speaking last week at a meeting with Compliance Officers, at the Ministry’s National Heroes Circle office, Finance and Planning Minister,Dr. Omar Davies advised them that the drive was aimed at reducing the current deficit in the budget.
He further noted that the non-payment of taxes also increased to the amount of funds the government had to borrow each year.
In justifying the need for the tax drive, Minister Davies explained that “to the extent that a business holds back on paying a thousand dollars, then the projection from the Ministry of Finance is that we expected to have that $1,000 and unless you are going to stop the programme and not pay teachers or policemen.then we will have to borrow that $1,000 and it comes at a cost.plus that interest payment”. The Minister told the compliance officers that as the Government had decided to stick to its fiscal target for the financial year, coupled with the fact that revenues were lost on account of Hurricane Ivan, the need to have additional resources to fund recovery efforts was of significance, as was the need to improve the country’s ability to pay its debts.
The collection drive will target business operators who are in arrears or those who have been evading the payment of taxes.
In addition, the drive will seek to broaden the tax net to include businesses and persons who are not registered with the Inland Revenue Department (IRD).
The drive will be administered by Compliance Officers employed to the IRD and is scheduled to last until March 21, 2005.

JIS Social