Companies Urged to Hand over VAT Collections to Government

While making statements in the national media, officers of the Tax Reform Unit of the Ministry of Finance/Inland Revenue, confirmed that some companies have not yet submitted the taxes collected from November, when the new tax regime was introduced.

Though the legislation allows for it, the government decided against publishing the names of companies who may have collected the tax, but failed to hand it over to the Federal Treasury, as required.

In a recent edition of the weekly radio programme, Ask the PM, Dr. Douglas is said to have indicated he has received from the Financial Secretary the full list of persons who are not in compliance.

“And the question that was been considered in the Cabinet on Monday, (10th January), is whether the list should be published publicly in the newspapers and on the radio to name and shame the people who are not complying. Cabinet cautioned, no, not yet and the Cabinet is right and so we have not,” said Dr. Douglas, in response to a question from a caller.

The government has decided to urge those who are not complying, to do so immediately, because the government will use the full force of the law to ensure there is full compliance.”

The Ministry of Finance has also admonished those who are expected to be registered to do so without further delay because they would not be allowed to get away with it.

Dr. Douglas said that his government will not allow a few to be carrying the burden while others get away with not paying the VAT.

Meanwhile the local VAT Office has again re-stated that it remains available to assist companies is being prepared and positioned to collect and pay the tax, as required by law.

  

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