Minister of Finance, Dr. the Hon. Peter Phillips, is reporting an 11 per cent increase in tax revenues for June 2012, over the same period last year.
The Finance Minister, who was speaking in the House of Representatives on Tuesday (July 31), attributed the improvement to increased levels of compliance on the part of taxpayers.
“The fact is, before the new measures took effect, that is to say that from April and May, tax revenues were running, because of greater compliance, 14 plus per cent above similar period last year,” he said.
“That reflects improvement in compliance and administration. I think it bears noting that preliminary estimates, based on airport arrivals, indicate that for the fiscal year to July 21, 2012, there has been an increase in arrivals of 5.9 per cent relative to the corresponding period last year,” he said.
The Minister was speaking during a debate on a motion to amend the Standing Orders so that the Tax Measures Committee of Parliament would, in February of each year: receive a report from the Public Administration and Appropriations Committee(PAAC) as to the revenue-raising requirement for the ensuing fiscal year; hold such hearings as may be necessary, including canvassing views of members of the public, and submit a report to the whole House, no later than the 1st day of March of each year, for consideration of the whole House.
The motion was approved without any amendments.