Gov’t seeking to generate new revenue streams

The government is actively pursuing innovative strategies to enhance revenue collection and introduce new income streams.

Premier Dr Natalio Wheatley, in his recent budget address, highlighted the implementation of e-government services, including the Payment Gateway and upgrades to the tax collection platform, SIGTAS 3.0.

These initiatives enable the public to pay taxes and other government fees online, significantly advancing the territory’s digital transformation.

The Standard Integrated Government Tax Administration System (SIGTAS) 3.0 is a comprehensive software solution designed to automate tax administration. Utilised by over 30 countries, including the Virgin Islands, SIGTAS 3.0 offers features such as e-registration, e-filing, e-payments, and flexible reporting. These enhancements aim to optimise decision-making and increase efficiency in tax collection, enforcement, and recovery.

The government launched, and will continue to roll out, new electronic platforms that allow the public to pay taxes and other fees owed to the government online. Dr Wheatley said this is a milestone that must be celebrated.

“The public can now pay their payroll tax online; hotels and guesthouses can now pay hotel accommodation fees online; vehicle rental companies can now file their fees online,” Premier Wheatley announced.

In addition to technological advancements, the government is revising outdated fees to boost revenue. Premier Wheatley noted that many government fees have not been updated in 30 years and will be revised to generate additional income.

The government has secured a $100 million loan to support critical development needs, with nearly $54 million allocated to infrastructure, water, and sewerage projects. This investment further underscores the administration’s commitment to enhancing public services and fostering economic growth.