Gov’t takes steps to improve tax collection
As the territory heads towards full recovery from the global COVID-19 pandemic, the government has announced that it is making plans to improve its revenue collection systems.
Making his budget presentation this week, Premier Dr Natalio Wheatley, new technology is being sourced to help the government become more efficient in collecting taxes and other government fees.
The Premier revealed that the Inland Revenue Department has embarked on a two-year project to upgrade its Standard Integrated Government Tax Administration System (SIGTAS). This upgrade is expected to automate processes and facilitate greater transparency and modernisation of the taxation process. The new system will allow for e-registration, e-filing, e-payments, and flexible reporting.
“By upgrading this software, central government will be able to optimise decision-making and increase the efficiency in tax collection, enforcement, and recovery. This will be rolled out early in 2023,” Premier Wheatley explained.
He also said the government is working on a new e-payment system with Banco Popular that will allow residents to pay government fees easier and safer. He said the new system will reduce the risk and the responsibility the government has to bear when processing credit cards directly.
“With this approach, the government would gain the benefit of collecting revenue online, while limiting its involvement in banking activities,” Premier Wheatley said before adding that the new e-payment system will be launched early in 2023.
The Premier also outlined other benefits of the new e-payment system which includes a secure payment environment with a high level of fraud protection; the ability to make payments 24 hours a day; and the ability to accept all forms of payment that are available locally.
Premier Wheatley also signalled that many government agencies will be empowered to digitise their processes in the coming months, which should allow for a more efficient use of public resources.
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internet has been around for only 30+ years..
Tax? Who pays tax in the BVI. Often wondered!
Hey, pssst,
I have a way for you to avoid paying ANY of the taxes we are supposed to pay our BVI government.
It’s completely legal, too.
Forced to pay NHI, SS, Payroll Tax, Stamp Duty, Land Tax, just in the name of fairness and good citizenship?
Seriously? How stupid do they think we are?
Contact our offices in Delaware and we can make it look like you don’t exist! Disappear behind one of our deliberately complicated and obscure companies, and you, too, can avoid paying into a system that relies on everyone’s taxes to educate our children and keep our sick people alive!
Who cares about them? Who cares about our society? Only losers.
Criminal? Corrupt? Cartel-aligned? Don’t worry, we can help you, too. Our system is highly flexible, it looks squeaky clean from the outside but is completely ethics-free!
Contact your local financial services authorities for advice on how you, too, can avoid contributing anything to society and still appear like you’re a decent human being.
Because, remember the hard facts of life: there’s no such thing as ‘we’. It’s all about ME!
is the norm when dealing with Inland Revenue and other BVI government collection offices. Hopefully the days of waiting in line will soon end.
@Optout, it appears you are one of those who still wonder why “your” black slaves got off the hooks to become proud owners of BVI. To add insult and hot pepper to the injury, they now have one of the best offshore Financial products. This is the reason people like you are doing everything possible to kill the economy of BVI so that you could turn around acquire a spoil. I am not sorry Oh boy, we are here to stay into Eternity. Just get some peace. Tax evasion is illegal here, tax avoidance is not just like it is in your statutory books. I hope you will send your lawyers to go to Europe to appeal the recent judgement
Even the prince of VG never made an effort to collect ALL those crooked employers who have not been PAYING their SS that they book from. Their EMPLOYEES FOR years ?/ they even had a video on TV where a female worker was saying to a person seeking help from SS for medical operation was told that ( AM VERY SORRY , BUT YOUR EMPLOYER HAVE NOT BEEN PAYING THEIR SS FOR YEARS ? ) NOW WHAT DOES THAT TELL US ? ? ? ?
Its ok to outsource creditcard payment but you have to keep an eye on it. The government needs to keep an eye on the processing fees.
A 10 dollar fee on a 50 dollar bill don’t seem fair to me. Just saying.
You could start with answering emails from people trying to pay…
Start with water and sewage
@GUESS WHAT. You have a point. It is indeed lack of political will on the part of our leaders. It is completely absurd to pay taxes, pay another money to obtain certificate of good standing There are chances that the certificate of good standing may not be approved if the employer failed to remit to IRD. I am wondering what is in the mind of some of our policy makers
Aw, I know it is hard to hear criticism of the BVI. I love our country, too.
This is something called satire, which is used to make a point with humour or sarcasm.
Since we all know that paying our taxes is our patriotic duty that indirectly and personally benefits us – thank you, NHI! – I thought this would be a good moment to look at our own reflection.
You have some wonderful theories on why the world considers us a dirty tax haven willing to profit from any underhand dealings bad actors want to hide.
The white-skinned zombie blood-suckers working night and day with all other whites across the world to try and bring down the good people of the BVI and make us slaves again – that is a favourite fantasy that no doubt helps you sleep at night. How comforting!
The ‘cleanest financial services in the world’ claim is another fun one. Ask people in compliance. They’ll tell you the dirty ones easily run rings around our checks and balances, even today.
Man (you sound like an angry male), don’t take it too hard. And don’t use it as an excuse to hate people.
Take it on the chin, consider what the post is satirising, and let’s all keep trying to build a better BVI.
???? join the queue outside
Government is ignoring closing a loophole that foreigners are using to save $$$$$$ in Stamp Duty when buying a BVI property. If the property is owned by a company with a loan, tax is paid on the (lower) value of the company and not on the (higher) true value of the property. Some unscrupulous lawyers are pushing this way of avoiding millions in duty, since the foreigner merely pays off the loan at closing, or the day after, and the BVI Government and people lose. It’s a legal loophole for now, but why doesn’t Government quickly close it, as they know about it? Can’t they be bothered to save $millions?
Government getting ready to go back to the old tax system. 15% max for high income earners.