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Finance Minister Audley Shaw says his ministry will be working to improve the level of compliance in the collection of company income tax.
Mr. Shaw revealed in parliament Tuesday that a survey of level of compliance among companies between the year 2000 and last year has highlighted a disturbing trend.
"We have seen for instance that the level of filing compliance rates for company income tax in 2002 was 73 per cent. In 2006 that compliance rate had gone down to 34 per cent," said Mr. Shaw.
"Voluntary payment of company income tax was 63 per cent in 2002; that has now gradually declined Mr. Speaker. It went to 47 per cent in '03, 45 per cent in '04, 35 per cent in '05 and in '06 went down to 30 per cent and this is throughout all the various tax types," he said.
Mr. Shaw revealed in parliament Tuesday that a survey of level of compliance among companies between the year 2000 and last year has highlighted a disturbing trend.
"We have seen for instance that the level of filing compliance rates for company income tax in 2002 was 73 per cent. In 2006 that compliance rate had gone down to 34 per cent," said Mr. Shaw.
"Voluntary payment of company income tax was 63 per cent in 2002; that has now gradually declined Mr. Speaker. It went to 47 per cent in '03, 45 per cent in '04, 35 per cent in '05 and in '06 went down to 30 per cent and this is throughout all the various tax types," he said.