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Shaw Promises Tax Reduction
Published:Friday September 30, 2011 | 7:32 am0 Comments
Edmond Campbell, Staff Reporter
Finance Minister, Audley Shaw, has promised reduced tax rates for Jamaicans as he pledged to use forensic science to ferret out tax evaders.
At a customs seminar Thursday, Shaw said a recent study by the International Monetary Fund (IMF) has shown that if the government was able to collect all the money lost through tax evasion, the country would not have a fiscal deficit.
He said that the findings of the IMF mission, which was handed over to him by the technical team, has confirmed his suspicion of the level of tax evasion in Jamaica.
Shaw has promised to make the findings of the report public, but he did not give a date for releasing the information.
He said the Commissioner General of Tax Administration will be using forensic science to determine the persons who are escaping the payment of General Consumption Tax.
Shaw said the IMF report will be used as a benchmark in expediting the reform of tax administration to capture billions of dollars in revenue which now escape the tax net.
Published:Friday September 30, 2011 | 7:32 am0 Comments
Edmond Campbell, Staff Reporter
Finance Minister, Audley Shaw, has promised reduced tax rates for Jamaicans as he pledged to use forensic science to ferret out tax evaders.
At a customs seminar Thursday, Shaw said a recent study by the International Monetary Fund (IMF) has shown that if the government was able to collect all the money lost through tax evasion, the country would not have a fiscal deficit.
He said that the findings of the IMF mission, which was handed over to him by the technical team, has confirmed his suspicion of the level of tax evasion in Jamaica.
Shaw has promised to make the findings of the report public, but he did not give a date for releasing the information.
He said the Commissioner General of Tax Administration will be using forensic science to determine the persons who are escaping the payment of General Consumption Tax.
Shaw said the IMF report will be used as a benchmark in expediting the reform of tax administration to capture billions of dollars in revenue which now escape the tax net.
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