To answer that question, the Chamber of Industry and Commerce, CIC, held a press conference on Monday 25th October, which addressed the readiness to implement the Value Added Tax.
The CIC expressed concerns that with the short space of time left before the implementation of VAT, no transitional arrangements have been made to deal with goods currently in stock that would have had consumption tax applied.
The Chamber said it was not convinced that enough had been done to guarantee the absence of a double taxation.
The 17% VAT is suppose to replace the 22% Consumption Tax, among other levies.
According to President of the CIC, Michael Morton, coming out the briefing, it was revealed that members of the private sector had not been successful to a large extent, in getting their questions answered.
Morton went on to state that there were more questions than answers and there were many gray areas in the legislation.
To date, no regulations and guidelines about the Value Added Tax have been made to the public.
The Chamber President went on to state that the regulations were not available, “The public at large and the private sector, as a matter of fact, the entire country is not ready,” he said.
Meanwhile, miyvue.com on Tuesday, (26th October), contacted the Deputy Comptroller for the Tax Reform Unit, Mr. Edward Gift, to establish the state of readiness and level of registration of businesses for VAT.
“The registration process has been going well and based on reports from our officers who have visited these business places, everyone seems ready,” Gift stated.
It was also revealed by the Deputy Comptroller that a large amount of both small and large business entities have already registered for the Value Added Tax, VAT.
It’s clear to say that the registration process has been going well, but, the argument raised by the Chamber of Industry and Commerce is that the regulations governing the new tax system have not yet been published by the government.
The Chamber of Industry and Commerce (CIC) is calling for more time to prepare, before the implementation of Value Added Tax, which is slated to come into effect next week Monday 1st November.