Tax Payment and Collection made more efficient
ZIZ News — Several taxes bills were amended during Monday’s sitting of the National Assembly.
As Prime Minister, The Rt. Hon. Dr. Denzil Douglas discussed the Provisional Collection of Revenue Amendment Bill 2014, he indicated that the amendments being made to this bill and others were a follow up to tax reform measures outlined in 2014 Budget. He noted that the amendments sought to enhance the competitiveness of the Federation and improve the local business environment.
“I wish to remind us the bill seeks to provide for an extension to the ninety-day period of validity of the tax law amendment made in the last budget address. You will recall Mr Speaker that during the presentation of the budget for 2014 in this National Assembly a number of fiscal and strategic measures were announced that would enhance the Federation’s competitiveness and improve the business environment that would support sustainable economic growth,” he said.
He explained that The Tax Administration Reforms and Modernization Programme has been designed to increase the productivity of businesses and improve compliance among tax payers.
“Over the last seven years the Ministry of Finance has progressively worked to implement a series of tax administration reforms and modernization programmes within the Inland Revenue Department. These activities they have met with great success and have resulted in notable business within the Federation while simultaneously enhancing the productivity of businesses by reducing the time taken to pay taxes and ensuring that taxpayers are compliant,” he said.
Ultimately, Dr. Douglas said the amendments to the tax laws were meant to simplify the process for both tax payers and collectors.
“We have always said that we want to make sure we make it easier for the taxpayer to meet his national obligation and easier for the officers of the government to collect that which is being offered for collection,” he said.
The amended suite of bills included the Income Tax Amendment Bill 2014, the Hotel Accommodation And Restaurant Tax Amendment Bill 2014, The Excise Tax Amendment Bill 2014, the Travel Tax Amendment Bill 2014, the Unincorporated Tax Amendment Bill 2014, the Tax Administration And Procedures Amendment Bill 2014, the Insurance Amendment Bill 2014, the Saint Christopher And Nevis Mutual Exchange Of Information On Taxation Matters Amendment Bill 2014 and the Customs Bill 2014.