Recently-installed Acting Financial Secretary, Jeremiah Frett has already recommended a number of new initiatives to the government, including establishing a two-tier Revenue Committee, which will assist the territory in generating new revenue streams ahead of the 2022 financial year.
This is according to Premier Andrew Fahie who said Frett hit the ground running with several new ideas, even before his January 1 appointment in the new role.
The Premier said: “On the advice of the Acting Financial Secretary, we will be moving to establish a two-tier Revenue Committee. The first tier will be comprised of government agencies, departments and ministries.”
“The second tier will be a consortium of businesspeople representing various sectors of business industries with the mandate of creating new revenue streams from current and new industries, including the introduction of revenues with linkages to the tourism industry and also strategies for improving the current revenue streams and making them more efficient,” he added.
Special Committee to be formed to devise best practice measures
Fahie, who is also the Minister of Finance, said Frett has also recommended a special committee be established.
This committee will be immediately tasked with inspecting, reviewing, and recommending new measures to allow for more efficiency in the BVI’s recurrent expenditures.
“The Acting Financial Secretary has further advised your government that in order for us to be able to sustain the economy and remain in surplus budget, we must streamline expenditure with a view of becoming more efficient and use best practices in cost-cutting and saving measures which may include but not limited to centralisation of purchases and other best practices solutions that are currently being practised regionally and internationally,” Fahie explained.
According to the Premier, these robust revenue initiatives must be carried out at this time to make way for the BVI’s 2022 Budget.
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