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Minister of Finance and the Public Service, Hon. Audley Shaw, says the Government will be "closing the door" on tax evasion, under the current tax waiver system.
Speaking at a press conference today (may 18), at the Ministry of Finance and the Public Service, Heroes Circle, Mr. Shaw said that a forensic audit into the system has revealed several irregularities, and pointed out that the details would be made available at a later date.
However, Mr. Shaw said the Government was committed to ensuring that the mechanisms for granting tax waivers are revised.
"What we now have to do, over the next six to seven months, is to do a much more detailed forensic study of the tax waiver system, to ensure that we tighten up on the tax system, so that more of the funds that are due to the public purse will make it into the public purse. This will allow us to rely less on debt and borrowing to manage our budget," he explained.
Mr. Shaw estimated that the Government was missing out on billions of dollars in taxes, as a result of improper use of the waiver system. He said the review should be completed by December this year.
http://www.jis.gov.jm/finance_planni...VER_SYSTEM.asp
Speaking at a press conference today (may 18), at the Ministry of Finance and the Public Service, Heroes Circle, Mr. Shaw said that a forensic audit into the system has revealed several irregularities, and pointed out that the details would be made available at a later date.
However, Mr. Shaw said the Government was committed to ensuring that the mechanisms for granting tax waivers are revised.
"What we now have to do, over the next six to seven months, is to do a much more detailed forensic study of the tax waiver system, to ensure that we tighten up on the tax system, so that more of the funds that are due to the public purse will make it into the public purse. This will allow us to rely less on debt and borrowing to manage our budget," he explained.
Mr. Shaw estimated that the Government was missing out on billions of dollars in taxes, as a result of improper use of the waiver system. He said the review should be completed by December this year.
http://www.jis.gov.jm/finance_planni...VER_SYSTEM.asp