Government to Consolidate Payroll Deductions

Finance and Planning Minister, Dr. Omar Davies has said that during this fiscal year, the Government intends to consolidate payroll deductions and rationalize the structure of these deductions, so that more resources could be allocated to certain sectors.
Making his contribution to the opening of the 2007/08 Budget Debate in the House, yesterday (April 12), Dr. Davies said that, “virtually everyone agrees that the present system is overly complicated and inherently inefficient and costly to employers to submit returns.”
He also noted that all institutions had their own collection system and because each operated under its own legislative framework, employers are faced with making returns to the National Housing Trust (NHT), the National Insurance Scheme (NIS), HEART and to the Education Tax.
“Therefore, we are all agreed that if we are able to simplify the system whereby 16 per cent of the payroll is paid over – 10

JIS Social