JIS News

Minister of Finance and Planning, Dr. Omar Davies has assured employers and employees that there were no plans to increase the total amount of payroll-related deductions, as the government was of the view that the present level of deductions was adequate.
Dr. Davies, who was opening the 2006/2007 Budget Debate in the House of Representatives yesterday (April 27), noted however, that the government was “formally examining the present range of payroll-related deductions, from both employers and employees”.
The assessment, he said, was in response to criticism that the present system was overly complicated, and that the varied requirements represented a major cost to firms to be compliant. “As such, the first order of business is to simplify the system and reduce the associated cost of compliance,” the Minister remarked.
The second objective of the assessment, he told the House, was to formally provide flexibility in terms of allocation of the resources, depending on the particular priority facing the nation at any given period.